Since then, sellers have remained in control. Attempts to correct higher on Tuesday and Thursday were capped at the 100-hour MA, reinforcing its role as a strong dynamic resistance. The inability to push back above this level keeps the bearish bias intact.
Key levels to watch:
Support: • Key floor: 0.6406 • Below that: 0.6387 to 0.6391 (swing area)
Resistance: • 100-hour MA/200 hour/200 day MA (currently near 0.6445-48) • Swing zone: 0.6493–0.6500
As long as price holds below the 100-hour MA, sellers remain in control, with the downside risk building on a break of 0.6406. A move above the 100-hour MA and MA cluster near 0.6445 to 0.6448 would be needed to shift short-term sentiment.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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