The pair moved higher and reached a session high of 1.3723. In the process, the pair tested the 38.2% retracement of the decline from the May high, which comes in at 1.37221. However, momentum stalled at that key technical level. A sustained break above the 38.2% retracement would strengthen the bullish bias and open the door for a test of this week’s high at 1.37457 (set yesterday).
The question now is whether buyers can maintain the momentum and push through resistance—or if sellers will lean against the retracement level and force a return back toward the support zone below. That technical battle is now playing out near the 1.3722 area.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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