Daily Pivots: (S1) 0.8632; (P) 0.8658; (R1) 0.8675; More…
The firm break of 55 4H EMA (now at 0.8672) confirms short term topping at 0.8752. Fall from there is seen as correcting the rise from 0.8354. Intraday bias is mildly on the downside for 38.2% retracement of 0.8354 to 0.8752 at 0.8600. On the upside, above 0.8684 minor resistance will turn intraday bias neutral again first.
In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend from 0.9267 (2022 high). But even if it’s a correction, further rise is expected to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. This will remain the favored case as long as 55 W EMA (now at 0.8486) holds.
 confirms short term topping at 0.8752. Fall from there is seen as correcting the rise from 0.8354. Intraday bias is mildly on the downside for 38.2% retracement of 0.8354 to 0.8752 at 0.8600. On the upside, above 0.8684 minor resistance will turn intraday bias neutral again first.){kind=link}