However, the downside momentum has yet to fully assert itself. Sellers had an opportunity to drive the pair lower below a well-tested swing area floor between 0.8318 and 0.8333, but that move ultimately failed. The quick rebound from that zone suggests buyers are still defending that support base, which has now reestablished itself as the key short-term floor.
? Key Levels
0.8363 (100/200-hour MA + trendline confluence)
0.8433 (high from May 15)
Support:
0.8273-0.8280 (swing area)
? Bias:
Bullish above 0.8363, break would target 0.8400+
Downside target zone: 0.8318–0.8333, awaiting directional break
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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