Daily Pivots: (S1) 0.8718; (P) 0.8754; (R1) 0.8799; More…

Consolidation from 0.8670 is extending and intraday bias remains neutral first. On the upside, break of 0.8863 will confirm short term bottoming at 0.8670. Further rise should be seen to 38.2% retracement of 0.9499 to 0.8670 at 0.8987. On the downside, however, break of 0.8670 will resume the fall from 0.9499 to 0.8276/82 key support zone.

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In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

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