The consensus is still negative on the market citing Trump's 125% tariffs hike on China and the fact that all the other countries still get a 10% baseline tariff.
On the 1 hour chart, we can see that the price spiked into the key resistance zone around the 62.00-64.00 range and backed off a bit, which is what generally happens after such strong spikes. We now have a counter-trendline defining the current pullback. The sellers will likely continue to lean on it to keep pushing into new lows, while the buyers will look for a break higher to pile in for a break above the resistance and start targeting the 72.00 handle next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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