Despite the recent bounce, upside momentum stalled earlier in the week just ahead of the 38.2% Fibonacci retracement of the March–April decline, which comes in at 0.84823. Sellers leaned into that level, capping further advances for now and keeping the broader bearish pressure intact.
Summary of key technical levels:
Resistance: 0.8373 (upper end of swing zone off daily chart), then 0.84823 (38.2% Fib retracement)
A sustained move outside of the current range will likely define the next directional bias. Keep an eye on momentum and volume near the highlighted resistance zone.
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