Currently, the pair is testing a critical support cluster formed by the 100-hour moving average (0.8830), the 200-hour moving average (0.8830), and the 200-day moving average (0.88147). A confirmed break below this zone would reinforce the bearish bias and open the door for further declines toward 0.8800-0.8785. If sellers manage to sustain the downside pressure below the 200-day MA, it could accelerate losses, signaling a continuation of the broader downtrend.
However, as long as the price remains below the 38.2% retracement, rallies are likely to face selling interest, keeping the bearish structure intact.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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