[m.youssif]

With 4 hours MACD staying above signal line, a temporary low is in place and some recovery could be seen towards 4 hours 55 EMA (now at 0.9045). But upside should be limited by near term falling trend line (now at 0.9213) and bring fall resumption. Current decline is expected to target 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 on resumption.

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 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.

[m.youssif]

With 4 hours MACD staying above signal line, a temporary low is in place and some recovery could be seen towards 4 hours 55 EMA (now at 0.9045). But upside should be limited by near term falling trend line (now at 0.9213) and bring fall resumption. Current decline is expected to target 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 on resumption.

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 0.9339 resistance is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bearish.