On the upside, immediate resistance is seen at the 50% retracement level of the September 2024 to January 2025 rally, located at 0.87868. This level has been tested multiple times, with price action fluctuating above and below it in recent sessions, highlighting consolidation around this point. Further resistance comes from the 200-day moving average at 0.88174, which has acted as a cap on upside momentum.
However, if broken, and if there can be a sustained break above the 200 day MA at 0.88174, it would shift momentum back toward buyers.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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