Daily Pivots: (S1) 0.8649; (P) 0.8681; (R1) 0.8720; More…
With 0.8638 minor support intact, rebound from 0.8470 short term bottom is still in favor to extend higher. Further rise could be seen to 38.2% retracement of 0.9291 to 0.8470 at 0.8784. On the downside, however, below 0.8620 minor support will bring retest of 0.8470 support instead.
In the bigger picture, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.
