Daily Pivots: (S1) 0.8899; (P) 0.8915; (R1) 0.8933;
Recovery from 0.8855 could be completed at 0.8985 and intraday bias is mildly on the downside for 0.8855. Break there will revive the case that consolidation pattern from 0.8698 has completed at 0.9036. In such case, outlook will be turned bearish for 0.8698 support again. On the upside, above 0.8933 minor resistance will turn bias back to the upside for 0.8985 resistance first.
In the bigger picture, price actions from 0.9971 are still viewed as a correction pattern. Decline from 0.9838 is seen as the third leg. As long as 0.9156 resistance holds, deeper fall would still be seen to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. Meanwhile, note that medium term downside momentum has been diminishing as seen in weekly MACD. Break of 0.9156 will argue that such correction pattern is completed and will turn outlook bullish for a test on 0.9971.
Recovery from 0.8855 could be completed at 0.8985 and intraday bias is mildly on the downside for 0.8855. Break there will revive the case that consolidation pattern from 0.8698 has completed at 0.9036. In such case, outlook will be turned bearish for 0.8698 support again. On the upside, above 0.8933 minor resistance will turn bias back to the upside for 0.8985 resistance first.
In the bigger picture, price actions from 0.9971 are still viewed as a correction pattern. Decline from 0.9838 is seen as the third leg. As long as 0.9156 resistance holds, deeper fall would still be seen to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. Meanwhile, note that medium term downside momentum has been diminishing as seen in weekly MACD. Break of 0.9156 will argue that such correction pattern is completed and will turn outlook bullish for a test on 0.9971.
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