Despite this underlying support, buyers have struggled to gain real momentum. The last 5 trading days has seen the price action trade above and below the old ceiling level. On the topside, the pair remains contained below a ceiling formed by multiple highs near 0.6429–0.6441. Sellers have repeatedly leaned against this resistance zone, capping rallies over the past week.
For buyers to gain more control, a break above the 0.6429–0.6442 resistance area is needed.
The buyers are making play on the move away from the 100 and 200 hour moving averages in the old ceiling near 0.6388. As long as the price remains above those levels the upside momentum can continue.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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