Should buyers push through, the next upside target would be the high from February 21 at 0.6407, followed by the 50% retracement of the decline from the October 1, 2024 high to the April low, which comes in at 0.64278.
If the ceiling near 0.6390 holds once again, it could lead to renewed downside pressure as buyers fail to break higher. On the downside, next support comes between 0.6326 and 0.6340. Earlier in the Asian session, the price briefly dipped below that swing area, but quickly snapped back above it—highlighting its importance as near-term support.
It’s worth noting that over the past month or so, the price has repeatedly broken above the 100-day moving average, only to fail and retreat lower. Each of those upside attempts stalled near the 0.6390 level, reinforcing its role as a stubborn resistance zone and the historical pattern of failed bullish breaks above the 100-day MA.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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