Despite the failure to extend the breakout, the broader trend remains constructive as long as the pair holds above support. Key initial support is now seen between 1.1569 and 1.15783, a zone defined by a series of recent lows and the 100-hour moving average (blue line currently at 1.15499). This swing area has already acted as a launchpad for bullish reversals, and it will remain a key barometer for short-term control.
On the upside, a firm push above 1.16297 would likely invite another wave of buying interest and confirm the next leg of the broader uptrend.
Key levels:
Resistance: • 1.16142 - 1.16297 – swing area. and then the high from yesterday at 1.16355
Support: • 1.1569–1.1578 – recent swing low zone • 1.15499 and 1.15367 – 100 and 200 hour MA
Buyers remain in control above 1.1570, but they’ll need a decisive break above 1.16297 to unlock further upside potential.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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