The next major test for buyers comes at the 50% retracement of the move down from the June high, which sits near 1.3676, followed by the key swing area between 1.36858 and 1.3692. That zone has acted as a key inflection point on multiple occasions in recent weeks and will be a crucial hurdle if buyers are to regain further control.
As it stands right now, however, the bulls are back in the driver’s seat, but they’ll need to prove themselves above 1.36763 and 1.36923 to turn the bias more convincingly bullish.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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