December 18, 2024 at 04:48PM
Earlier today in the Asian session the low of a swing area floor going back to the end of 2023 was broken at the 0.6334. That break, turned buyers to sellers and the price has continued that fall in the US session today.
The swing area starting at 0.6334 up to 0.6363 is now close risk. Staying below keeps the sellers in firm control. Move above and there will likely be more upside probing on the failed break. The 100 hour MA at 0.63538 is another level to get above that sits within the swing area from the daily chart.
On the downside, the next target area comes between 0.62698 and 0.6284. That too is a swing area on the daily chart going back to 2022 and end of 2023. Moving below that level is needed to increase the bearish bias even more and have traders looking ultimately toward the 2022 lows at 0.61738.
This article was written by Greg Michalowski at www.forexlive.com.
