The break below the converged 100 and 200 bar moving averages on the 4-hour chart, along with the 50% retracement of the September low to the March high (149.22–149.30), marked the initial bearish trigger. That move was compounded by the clean break below recent swing lows at 148.56, 148.72, and 148.10, indicating growing downside momentum.
As long as price stays below the 146.94–147.34 zone, the technical bias remains tilted to the downside. A move back above this resistance cluster would weaken the bearish structure and open the door for a potential retracement higher.
Key technical levels:
Swing lows broken: 148.56, 148.72, 148.10
Support target: 144.40–144.52
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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