Daily Pivots: (S1) 0.8542; (P) 0.8568; (R1) 0.8611; More…
A short term top could be in place at 0.8617 with current retreat. Intraday bias is mildly on the downside for deeper pull back to 0.8465 support turned resistance. But overall, rise from 0.8201 is still in favor to continue as long as 0.8365 support holds. Break of 0.8617 will resume such rise to 0.8697 medium term fibonacci level.
In the bigger picture, a medium term bottom could be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003.
