Daily Pivots: (S1) 0.7746; (P) 0.7784; (R1) 0.7836;
A short term bottom is possibly in place at 0.7625 on bullish convergence condition in 4 hours MACD. Stronger recovery might be seen. But we'd expect upside to bel limited by 0.8032/8294 resistance zone and bring down trend resumption. Break of 0.7625 will target next long term fibonacci level at 0.7182.
In the bigger picture, the down trend from 1.1079 is still in progress with solid downside momentum. Current fall could be correcting the long term up trend from 0.4773 (2001 low). Such down trend would possibly target 61.8% retracement of 0.4773 to 1.1079 at 0.7182 and below. On the upside, break of 0.8659 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
A short term bottom is possibly in place at 0.7625 on bullish convergence condition in 4 hours MACD. Stronger recovery might be seen. But we'd expect upside to bel limited by 0.8032/8294 resistance zone and bring down trend resumption. Break of 0.7625 will target next long term fibonacci level at 0.7182.
In the bigger picture, the down trend from 1.1079 is still in progress with solid downside momentum. Current fall could be correcting the long term up trend from 0.4773 (2001 low). Such down trend would possibly target 61.8% retracement of 0.4773 to 1.1079 at 0.7182 and below. On the upside, break of 0.8659 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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