The break took the pair to a new low at 1.37808, marking the lowest level since October 17, 2024. However, that downside extension ran out of steam, and the pair has since rebounded, climbing back into the swing zone.
The next upside targets that would ultimately need to be broken would include the:
200-hour moving average at 1.39122 (green line on the chart below)– Clearing this level would be a more convincing shift in bias toward the upside.
As it stands, the bias remains tilted toward the downside, but buyers are trying to make a stand. Watch 1.38499 closely—stay below, and sellers remain in control; break above, and the recovery effort gains traction.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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