[m.youssif]

With 0.9126 minor support intact, the choppy recovery from 0.8921 could extend further higher. But strong resistance should be seen at near term falling trend line resistance (now at 0.9571) to limit upside and bring reversal. On the downside,below 0.9126 minor support will flip intraday bias back to the downside for a retest on 0.8921 low.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

[m.youssif]

With 0.9126 minor support intact, the choppy recovery from 0.8921 could extend further higher. But strong resistance should be seen at near term falling trend line resistance (now at 0.9571) to limit upside and bring reversal. On the downside,below 0.9126 minor support will flip intraday bias back to the downside for a retest on 0.8921 low.

In the bigger picture, whole decline from 1.1729 is still in progress and is expected to develop into a five wave impulsive pattern, with fall from 1.0065 as third leg. Sustained trading below 0.9 psychological level will target 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664 first and then 100% projection at 0.7798. On the upside, break of 0.9774 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.