The pair remains above a swing area near 0.8269 and the rising 100-hour moving average, currently at 0.8263. This area has been a clear line in the sand for buyers, helping to stall downside momentum in recent sessions.
Taking a broader look at the weekly chart, and all for going back to January 2015 comes in between 0.8333 and 0.8373. The floor includes low prices from 2015, 2023, and 2024. Earlier in April, the price fell below that floor area and has been able to stay below that level. On more upside momentum, getting above 0.8333 – 0.8373 is also a requirement to give the buyers more confidence (and disappoint the sellers on the failed break below the floor).
Summary of Key Levels:
Resistance: 0.8333 high from Friday. 38.2% retracement and swing highs near 0.83505. Swing area from the weekly chart between 0.8333 and 0.8373
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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