Daily Pivots: (S1) 0.9108; (P) 0.9140; (R1) 0.9192; More…
Focus is now on 0.9165 resistance as the rebound from 0.9030 extends. Firm break there will indicate that corrective pattern from 0.8998 has started the third leg. Intraday bias will be turned back to the upside for 0.9304 first. Break will target 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, break of 0.9030 will bring retest of 0.8998 low.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
