Price action sits between the “goal posts” now
Buyers are looking to creep back into the picture as price has now moved above the 100-hour MA (red line) @ 1.1665 but there is still work to be done with key near-term resistance levels sitting nearby.
The 200-hour MA (blue line) @ 1.1679 and the 50.0 retracement level @ 1.1680 are the next in line for that. And that will be a key area for sellers to lean on if price moves higher. The 200-hour MA is the key level for buyers to eye as a break above will shift the near-term bias more bullish.
But for now, buyers musn’t get too carried away. An attempt to stay above the 100-hour MA must be maintained first.
As for sellers, stay below the 100-hour MA and the bias remains more bearish. Near-term support is seen @ 1.1635-40 followed by further support near 1.1600-10 with the 23.6 retracement level @ 1.1589 next in line.
As for buyers, the key levels to the upside are determined above with further resistance seen @ 1.1700 along with offers, followed by the 1.1720 level.
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