On the downside, support is firm at 0.8794–0.87995, marked by a key swing area that has held the recent lows. To the upside, resistance comes in at 0.8838–0.88438, which has capped price advances on three separate occasions (see red numbered circles) .
A clean break above 0.88438 or below 0.8794—accompanied by momentum—will likely dictate the next directional bias. Until then, range traders are in control, looking to fade the extremes.
Resistance zone: 0.8838–0.88438
100-hour MA: 0.88029
Keep an eye on momentum on any breakout attempt—this pair is coiled and ready to move.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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