Daily Pivots: (S1) 0.9321; (P) 0.9357; (R1) 0.9384
The choppy recovery from 0.9236 resumed. But after all, the structure still look corrective in nature. That is, decline from 0.9504 might extend lower. Below 0.9236 will target 0.9211 and below. But in that case, we'd expect strong support from 38.2% retracement of 0.8659 to 0.9504 at 0.9181 to bring near term reversal. On the upside, decisive break of 0.9504 is needed to confirm rally resumption. Or, more corrective trading would be seen in near term.
In the bigger picture, price actions from 1.1079 are viewed as a medium term correction. Recent development argues that it's possibly finished at 0.8659 on bullish convergence condition in weekly MACD, ahead of 50% retracement of 0.6008 to 1.1079 at 0.8544. Rebound from there would extend higher to 38.2% retracement of 1.1079 to 0.8659 at 0.9583 first. Sustained break there will confirm this case and target 61.8% retracement at 1.0155 and above. However, break of 0.9181 fibonacci support will dampen this bullish view and would likely extend the correction from 1.1079 to a new low.
The choppy recovery from 0.9236 resumed. But after all, the structure still look corrective in nature. That is, decline from 0.9504 might extend lower. Below 0.9236 will target 0.9211 and below. But in that case, we'd expect strong support from 38.2% retracement of 0.8659 to 0.9504 at 0.9181 to bring near term reversal. On the upside, decisive break of 0.9504 is needed to confirm rally resumption. Or, more corrective trading would be seen in near term.
In the bigger picture, price actions from 1.1079 are viewed as a medium term correction. Recent development argues that it's possibly finished at 0.8659 on bullish convergence condition in weekly MACD, ahead of 50% retracement of 0.6008 to 1.1079 at 0.8544. Rebound from there would extend higher to 38.2% retracement of 1.1079 to 0.8659 at 0.9583 first. Sustained break there will confirm this case and target 61.8% retracement at 1.0155 and above. However, break of 0.9181 fibonacci support will dampen this bullish view and would likely extend the correction from 1.1079 to a new low.
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