Daily Pivots: (S1) 0.8019; (P) 0.8047; (R1) 0.8092; More…
Current rise from 0.7878 is seen as correcting whole fall from 0.9200. Intraday bias stays on the upside for 0.8170 resistance. Firm break there will target 38.2% retracement of 0.9200 to 0.7828 at 0.8352. On the downside, below 0.8001 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low).
