Yesterday’s high stalled just above this zone at 1.12876, and that level now becomes the next key upside target. A move above it would further solidify the bullish bias and open the path toward the 50% retracement level near 1.1318 and the falling trend line resistance closer to 1.1345.
On the downside, support is now layered. The 1.1265–1.1275 area, now broken, becomes the first line of defense. Below that, the broken 38.2% at 1.12585. Below that, and the buyers are likely disappointed on the failed break with focus returning back to the 100-hour MA at 1.1210, with the 200-hour MA at 1.11989.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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