Daily Pivots: (S1) 1.3142; (P) 1.3167; (R1) 1.3217; More….
Immediate focus is now on 1.3224 resistance with current recovery. Firm break there should indicate short term bottoming at 1.3115, on bullish convergence condition in 4H MACD. Intraday bias will be back on the upside for stronger rebound for 1.3229 support turned resistance. On the downside, however, sustained break of 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092 will extend larger decline to 161.8% projection at 1.2745.
In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. In either case, risk will stay on the downside as long as 1.3299 support turned resistance holds, even in case of strong rebound. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758.
