Daily Pivots: (S1) 0.8932; (P) 0.8952; (R1) 0.8978; More….
While downside momentum is a bit unconvincing as seen in 4 hour MACD, the break of 0.8929 support still suggest resumption of whole decline from 0.9471. Intraday is back on the downside for retesting 0.8756 low. On the upside, break of 0.9052 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, prior rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. Medium term bearish is also affirmed as the pair is now far below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.
