Technically, the pair had already been trending higher since bottoming on Wednesday. In today’s session, price action broke above the 100-hour moving average (currently at 1.36388) and sustained momentum initially drove it to the 200-hour moving average at 1.36801. Sellers leaned into that level on the first test, leading to a dip back toward the midpoint of July’s trading range at 1.36645.
The pair has since rotated back down toward the 200-hour moving average. The key question now is whether that level can hold as support and help reestablish the upside momentum seen earlier in the day.
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