Daily Pivots: (S1) 1.3695; (P) 1.3778; (R1) 1.3820; More…
A short term top should be in place at 1.3897, on bearish divergence condition in 4H MACD. Intraday bias is mildly on the downside. Deeper fall would be seen towards 38.2% retracement of 1.3091 to 1.3897 at 1.3589. But strong support should be seen there to bring rebound. On the upside, above 1.3804 minor resistance will bring retest of 1.3897.
In the bigger picture, corrective pattern from 1.3976 (2022 high) should have completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3568 support holds.
