That is more fundamental. What about the damage from price declines from a technical perspective?
On the downside, the critical target is the 200-day moving average (MA) at $121.80. If the price declines to this level and holds, buyers could still retain some control. However, a break below the 200-day MA would signal deeper selling pressure and open the door for further declines.
Key Resistance: 38.2% retracement at $129.28. Staying below is bearish.Key Support: 200-day MA at $121.80. Holding above keeps buyers in play, but a break signals increased bearish bias.
Sellers are currently driving the market, but the 200-day MA will be a pivotal level for traders to watch in the coming sessions.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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