Daily Pivots: (S1) 0.8338; (P) 0.8354; (R1) 0.8367; More…
Break of 0.8349 minor support suggests that rebound from 0.8304 has completed at 0.8421, after rejection by 55 day EMA. Intraday bias is back on the downside for 0.8304 first. Break will resume larger down trend towards 0.8276 low. On the upside, break of 0.8421 will resume the rebound towards 0.8598 key structural resistance.
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 0.8598 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8598 will now be an early sign of medium term bottoming and bring stronger rebound. However, sustained break of 0.8276 will argue that the long term trend has reversed.
