On the downside, a cluster of moving averages, all broken on the move lower, sits between 0.6419 and 0.6437 and now acts as a key resistance zone. This area includes:
The 100-hour MA at 0.64254
After the fall, the low price reached 0.6401, just above the psychological 0.6400 level, where support buyers emerged. However, the rebound stalled at 0.6422, unable to reclaim the broken MAs—giving sellers a short-term advantage below this cluster.
Conversely, a break below 0.6400 could see further downside toward the next support at 0.6388, followed by the broader swing area between 0.6321 and 0.63437. Beyond that, key support targets include:
The 38.2% retracement of the April rally at 0.62844
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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