The renewed move lower opens the door for further downside if momentum builds. The next key support comes in at the 50.0% retracement level at 1.13183. A break below that level would tilt the bias more clearly in favor of sellers, with deeper support levels eyed near the 1.1287 area and the 38.2% retracement at 1.12657.
Resistance: 1.13781 (61.8% retracement), 1.14027
Traders will be watching to see if sellers can maintain pressure and push through the mid-level retracement zone.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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