Today, buyers turned to sellers, and the pair has rotated back lower, with support forming near the prior trendline break and just below the 200 moving average (green line), currently at 1.36455. Price action held this level on the pullback, keeping the short-term bias in balance with support at 1.36337 and close resistance near the 200 hour moving average at 1.36455 up to 1.36505.
On the flip side, a break back below the underside of the broken trendline at 1.3637 would open the door for a retest of the 100-hour MA at 1.36103
Key levels to watch:
1.36337 (underside of the broken trendline)
Resistance:
1.3685–1.3692 (swing zone)
1.3722 (38.2% retracement of May high to June low)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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