If the price breaks below this level, the next downside target is the low of the swing area near 0.6287 (see red numbered circles), followed by the 200-hour MA at 0.6275. Notably, the 50% retracement of the March rally also aligns with the 200-hour MA, increasing its importance as a potential support zone.
Earlier in today’s session, the pair saw an upside move, initially driven by lower U.S. yields and broad USD selling. However, gains stalled within the resistance swing area between 0.6326 and 0.6336 (highlighted in yellow). The inability to break above this zone, coupled with risk-off sentiment due to U.S. equity declines, gave sellers the green light to push the pair lower.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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