For the third day in a row, the 100 hour MA stalled the fall. That is a key pattern that will be eyed going forward and also for now, gives the buyers the control Stay above is more bullish. Closer intraday support today, will also eye the broken 38.2% retracement of the move up from the October 24 below. That level comes in at 0.9026. What support there and the buyers can continue the push to the upside.
The high price today did break above the high from last week at 0.90455 was broken today with a move to 0.905414 but hasn’t backed off and currently trades at 0.9030. This move back to the downside will test the buyers resolve against the broken 38.2% retracement at 0.9026.
This article was written by Greg Michalowski at www.forexlive.com. Source