In the early European session, the pair broke below the 38.2% retracement of the move up from the June 23 low at 0.65096, as well as the 100-hour moving average just beneath at 0.6508. The price extended to a low of 0.6503, but quickly bounced back above both levels, triggering a rotation higher.
In essence, sellers had their shot below the 100-hour moving average and 38.2% retracement — and failed. Buyers had their chance above the 200-hour moving average — and failed too. The result is a market stuck in indecision. For a stronger directional bias to emerge, traders will need to break and hold either above the 200-hour MA or below the 100-hour MA and retracement support.
One area to watch, however, is the resistance zone between 0.6536 and 0.6542, which continues to act as a short-term ceiling over the last few days. Although the pair briefly spiked above this zone last Wednesday on the "Powell will be fired" headline, the move quickly reversed — reinforcing sellers’ control at that level.
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