The pair has also moved below the 61.8% retracement of the rally from the September 2024 low, which comes in at 1.39465, and is trading beneath a key swing area between 1.3922 and 1.3930. These breaks confirm a technical shift in favor of sellers.
What would give buyers renewed confidence?
Reclaim the 1.3930 swing area
Ultimately, push through the 200-day moving average at 1.39969
In short, this week’s break has snapped a multi-month consolidation range, and with key levels broken along the way, the sellers remain firmly in control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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