At the center of this range are the 100- and 200-hour moving averages, both of which are now nearly converged at 0.6439. Over the past several days, the price has been fluctuating above and below this moving average cluster, with each break lacking follow-through. Today, the pair has once again moved back below the MAs, tilting the short-term bias back to the downside.
On the flip side, a move back above the 100/200-hour MAs at 0.6439 would shift attention to the 200-day moving average at 0.64532. The last four trading days have seen unsuccessful attempts to stay above that key long-term average, including a failed break again during today’s session highs.
Range: 0.63216 to 0.6513 (191 pips over 28 days)
Upside target if broken: 200-day MA at 0.64532. Tries above the 200 day MA have failed recently.
Next support: 200-bar MA (4-hour) at 0.63669
Bias: Bearish below 0.6439, with pressure building if 0.6388 fails
This technical standoff continues—momentum favors sellers, but they still need to take out key downside targets to gain clearer control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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