The 200 day MA is approaching as NY enters the fray for the day. That level comes in at the 1.2824 today. This also corresponds with the high from May 21. Look for profit taking buying against the level on the first test with a stop on a move below. The next key target off the daily chart comes in at 1.2765 where trend line suppport is found.
Looking at the hourly chart, the price is now below broken trend line at the 1.2851 level. This is the 2nd look below this trend line today. The 1st test failed. Traders will be on alert for another failed break. I would expect that a move back above the low from yesterday at 1.2885 would not be welcomed by traders today. This would take the price above the days midpoint of 1.28767 currently and the 200 bar MA on the 5 minute chart as well.
The bias remains negative for the pair overall, but with key support ahead and the Yom Kippur holiday likely to keep trading light today, I am not expecting too much.
