Daily Pivots: (S1) 0.8013; (P) 0.8074; (R1) 0.8114; More….
Immediate focus is now on 0.8038 low as fall from 0.8475 extends. Firm break there will confirm larger down trend resumption. Next target is 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. For now, risk will stay on the downside as long as 0.8214 resistance holds, in case of recovery.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress and met 61.8% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.8079 already. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8640) holds. Sustained break of 0.8079 will target 100% projection at 0.7382.
