The 200-day moving average, currently near 1.40111
Today’s high stopped at 1.40157 before rotating back lower
On the downside, the initial support now comes in near 1.3978, where the 200-bar moving average on the 4-hour chart lines up with the old swing high from April 15. Holding above that level keeps the rebound and short term bullish bias intact. A move below it, however, could trigger a deeper correction down to 1.389172 1.3904 swing area.
Resistance: 1.4009–1.4027 (200-day MA + swing), 1.40525 (38.2% retracement), 1.4146 to 1.41836 (50% and swing area)
Bias: Neutral to bullish above 1.3978; stronger bullish bias only above 1.4027 and then the 38.2% retracement at 1.40525
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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