Daily Pivots: (S1) 1.3547; (P) 1.3594; (R1) 1.3655; More…
With breach of 1.3608 support turned resistance, a short term bottom could be formed at 1.3410 already. Intraday bias is mildly on the upside for 1.3749 resistance first, which is close to 55 day EMA (now at 1.3745). On the downside, though, below 1.3530 minor support will retain near term bearishness, and turn bias back to the downside for 1.3410 low. Firm break there will extend the fall from 1.4248 and target 1.3164 medium term fibonacci level next.
In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.
