The bearish momentum wasn't enough though to break below a key support zone around the 60.00 handle as better global growth expectations continue to support the market.
On the daily chart, we can see that we have a strong resistance zone in the 63.00-64.00 price area and a major trendline. The buyers will need to break above those two key levels to open the door for a rally into the 72.00 handle. The sellers, on the other hand, will continue to pile in around the resistance to position for a drop back into the 55.00 low.
On the 4 hour chart, we can see that we are stuck in a range between the 60.00 support and the 64.00 resistance. The market participants will continue to play the range until we get a breakout on either side.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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