Daily Pivots: (S1) 0.9157; (P) 0.9179; (R1) 0.9201; More

With 4 hour MACD crossed below signal line, a temporary top is formed at 0.9200, just ahead of 55 day EMA (now at 0.9230). Intraday bias is turned neutral first. Rebound from 0.8998 short term bottom could still extend higher. Sustained break of 44 day EMA will pave the way to 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, below 0.9082 minor support will turn bias back to the downside for retesting 0.8998 low instead.

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In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.


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