Daily Pivots: (S1) 0.8625; (P) 0.8681; (R1) 0.8737; More…
While upside momentum is diminishing slightly as seen in 4H MACD, further rally is still expected as long as 0.8518 support holds. Current rise from 0.8221 should target 261.8% projection of 0.8239 to 0.8448 from 0.8314 at 0.8861. On the downside, break of 0.8518 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, down trend from 0.9267 (2022 high) should have completed at 0.8221, just ahead of 0.9201 key support (2024 low). Rise from 0.8221 is likely reversing the whole fall. Further rise should be seen to 61.8% retracement of 0.9267 to 0.8221 at 0.8867 next. This will now remain the favored case as long as 0.8472 resistance turned support holds.
