The price move higher earlier in the day stalled near a dual resistance zone, defined by the 100-hour moving average and the 200-day moving average, both converging near 0.64608. That rejection marked a turning point, as the price quickly rotated lower, breaking below the 200-hour moving average at 0.6430—a short-term bearish shift. The price also reentered into a Red Box consolidation area that defined the trading range going back to mid-April.
The sellers are making a play back below the 200 day moving average, the 100 hour moving average, and back within the Red Box and the 200 hour moving average. The buying break to the upside earlier this week is fizzling out a bit
Key technical levels:
Resistance: • 0.64608=100-hour MA / 200-day MA • 0.6430=200-hour MA
Support: • 0.6408=100-bar MA on 4-hour chart • 0.63437=lower swing area • 0.6318=200-bar MA on 4-hour chart
Sellers will look for a sustained break below 0.6408 to add confidence, while buyers need a move back above 0.6460 to regain control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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