3:23 PM
We maintained the view that the choppy decline from 1.4893 is merely a corrective pull back. Thus, while deeper fall might be seen, we'd expect limited downside, which should be CONTAINED well above 1.3963. Meanwhile, above 1.4893 would extend the rise from 1.3963 towards 1.5331 resistance. Overall, the cross is bounded in consolidative pattern from 1.5831 and we'd possibly see more range TRADING ahead.
In the bigger picture, price actions from 1.5831 are viewed as a corrective pattern to the up trend from 1.1602 medium term bottom. In case of deeper fall, strong support would likely be seen at 61.8% retracement of 1.1602 to 1.5831 at 1.3217 to bring resumption of rise from 1.1602 eventually.
In the bigger picture, price actions from 1.5831 are viewed as a corrective pattern to the up trend from 1.1602 medium term bottom. In case of deeper fall, strong support would likely be seen at 61.8% retracement of 1.1602 to 1.5831 at 1.3217 to bring resumption of rise from 1.1602 eventually.
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