Daily Pivots: (S1) 0.8830; (P) 0.8867; (R1) 0.8917; More…
Break of 0.8873 minor resistance suggests that pull back from 0.8977 has completed at 0.8802, after hitting near term channel support. Intraday bias is back on the upside for retesting 0.8977 first. Firm break there will resume howl rally from 0.8545. However, break of 0.8802 will now be a sign of reversal and turn bias back to 0.8720 support instead.
In the bigger picture, the notable support from 55 day EMA (now at 0.8780) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.
