With 0.9394 minor resistance intact, deeper decline is still in favor. But again, fall from 0.9751 is viewed as part of the whole sideway consolidation pattern from 0.9971. We'd expect strong support above 0.9130 to contain downside and bring rebound. On the upside, above 0.9394 minor resistance will turn bias back to the upside for 0.9751 resistance.
In the bigger picture, medium term rebound from 0.7065 should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Price actions from 0.9971 are developing into a sideway pattern. In case of deeper fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside and bring rebound. Break of 0.9971 will resume whole up trend form 0.7065 and target 1.1730 resistance next.
IMOH, Clement I.
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