Today, the 100 hour MA provided early resistance in the Asian session, but then broke above. Sellers turned to buyers on break with momentum. The 200-hour MA (green line) was broken in the early European session and more buyers piled in. The momentum continued to and through the 50% midpoint of the move down from the June by at 1.3676, but found willing sellers against the low of a swing area between 1.36858 and 1.36923.
On the downside, a break back below the 200 MA at 1.3640 would weaken the near-term bullish bias, and a move back toward the 100 hour moving average at 1.36128
Key technical levels:
Resistance: 1.3647 (200-hour MA), 1.36763 (50%), 1.3685 – 1.3692 (swing area)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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