The latest price action shows the pair testing the 100- and 200-hour moving averages, currently converged between 0.8255 and 0.8259. These levels are acting as short-term resistance. A sustained move above would tilt the bias modestly higher and expose the top of the consolidation zone near 0.8333. Beyond that, the 38.2% retracement of the move down from the March 31 high comes in at 0.83505
Key technical levels:
Support: 0.8195 to 0.8212 (swing area at the low of the red box)
Bias: Modest negative below the 100/200 hour moving averages
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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