Yesterday, the pair moved away from the 100-day MA and dropped beneath the 100/200-bar MAs on the 4-hour chart (lower blue and green lines), located around 0.6297. Heading into the new trading day, the price moved back toward these MAs, where sellers leaned in to maintain downward pressure and keep the bias to the downside. .
If sellers are to push lower, a break and sustained move below this area is necessary.
Close risk and bias shifting level for seller is a move back above the 100 bar MA on the 4-hour chart at 0.62959 an the 200 bar MA on the same chart at 0.63058. Get above those levels and the buyers may look for another run to the 100-day MA.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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