Daily Pivots: (S1) 1.1571; (P) 1.1585; (R1) 1.1606; More…
Immediate focus is now on 55 D EMA (now at 1.1619) as rebound from 1.1467 extends today. Sustained break there will argue that fall from 1.1971 has completed as a correction only, and bring further rise to 1.1727 resistance next. On the downside, break of 1.1539 should resume the fall from 1.1971 through 1.1467 support.
In the bigger picture, considering bearish divergence condition in D MACD, a medium term top is likely in place at 1.1917, just ahead of 1.2 key psychological level. As long as 55 W EMA (now at 1.1306) holds, the up trend from 0.9534 (2022 low) is still expected to continue. Decisive break of 1.2000 will carry larger bullish implications. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook outlook bearish.
 as rebound from 1.1467 extends today. Sustained break there will argue that fall from 1.1971 has completed as a correction only, and bring further rise to 1.1727 resistance next. On the downside, break of 1.1539 should resume the fall from 1.1971 through 1.1467 support.){kind=link}