The 100-hour MA has repeatedly capped upside attempts, while the 200-hour MA has provided consistent support. This ongoing consolidation reflects a battle between buyers and sellers, with directional bias awaiting a breakout.
Conversely, a break below 0.8217 increases downside risk, with targets near the low for the weekend 0.8197 (right below 0.8200). Move below that level and the swing area between 0.8097 and 0.81288 is the next major target
Resistance: 0.82626 (100-hour MA), 0.8318 (high for the week), 0.8333 (high from last Friday)
Traders will be watching closely for a shove above or below the respective MAs—with momentum—to determine the next directional leg.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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