The price has now reached a swing area near 0.9058, serving as a short-term barometer ahead of key resistance levels: the 200-hour moving average at 0.9069 and the 100-hour moving average at 0.9081, which also coincides with the 50% retracement of the January 24 upswing. A move above these levels would strengthen bullish momentum.
For now, the current move appears to be a routine correction off support. Watch 0.9054 (the 61.8% retracement level) as a key threshold. Staying above this level supports continued upside probing, while a break below could reignite bearish momentum.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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