Daily Pivots: (S1) 0.9891; (P) 0.9905; (R1) 0.9921; More…
With 4 hour MACD crossed below signal line, a temporary top is formed at 0.9929. Intraday bias is turned neutral first. Further rise is in favor as long as 0.9837 minor support holds. Above 0.9929 will target 0.9975 first. Decisive break there will indicate completion of whole fall from 1.0237. In this case, further rise should be seen to retest 1.0237. On the downside, though, break of 0.9800 minor support will turn bias to the downside for 0.9713 support instead.
In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. Butt decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first.
