The rally, however, has stalled within a familiar swing area between 0.5581 and 0.5592 (see red-numbered circles on the chart). While this zone was breached on both Monday and again yesterday, momentum faded each time. Despite the false breaks, the zone continues to act as a key short-term barometer for buyers and sellers.
The 100- and 200-bar MAs on the 4-hour chart
On the downside, immediate support comes in at 0.5539, the swing low from January 10 and 13. A break below that would shift focus to the next key zone at 0.5507–0.5516.
For now, sellers still maintain broader control, but buyers are gaining some traction after the failure on the break to new lows. The short-term bias will be determined by a break above 0.55918. On the downside watch 0.55398 for short-term dip buying potential.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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