Daily Pivots: (S1) 0.8713; (P) 0.8786; (R1) 0.8833; More…
At this point, we’d still expect strong support from 61.8% retracement of 0.8282 to 0.9499 at 0.8747 to complete the correction from 0.9499. On the upside, break of 0.8987 minor resistance will turn bias back to the upside for retesting 0.9499 high first. However, sustained break of 0.8747 will dampen near term bullishness and bring deeper fall back to 0.8276/82 key support zone.
In the bigger picture, the break of 0.9324 (2016 high) confirms resumption of up trend from 0.6935 (2015 low). Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). But in any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.
