Daily Pivots: (S1) 0.8459; (P) 0.8479; (R1) 0.8516; More…
Break of 0.8474 minor resistance suggests short term bottoming a 0.8401, on bullish divergence condition in 4 hour MACD. Intraday bias is back on the upside for 55 day EMA (now at 0.8509). Sustained break there will target a test on 0.8656 resistance. On the downside, break of 0.8401 will resume larger down trend from 0.9499 to 0.8276 key long term support next.
In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8656 resistance holds, towards long term support at 0.8276. However, firm break of 0.8656 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.
