In a earlier post/video, I spoke to the 200 hour moving average and the 50% midpoint of the September trading range near the 0.6415 level as a key downside target that would need to be broken to increase the bearish bias.
It was not broken. In fact they price bounced off the level and quickly move back above the 100 hour moving average currently at 0.6433 (blue line).
The high price reached 0.64446 before rotating back down to retest the 100 hour moving average.
What now?
Support buyers are trying to hold support against the 100 hour moving average. If successful, the upside can be further explored with the 0.6453 – 0.64607 as a next upside target.
Conversely if the 100 hour moving average and 38.2% retracement at 0.64287 is broken, bias shifts back in favor of the sellers
This article was written by Greg Michalowski at www.forexlive.com. Source