Cluster of support holds at 0.6882 -85
The cluster of support from an earlier post at the 0.6882 to 0.6885 area held support and the price has bounced. Support was defined by:
- swing highs and lows (see red numbered circles)
- 38.2% retracement of the move up from the October 25 low
- 200 hour moving average (green line).
The price has since move back above its 100 hour moving average at 0.68973 (blue line). Today, the pair has traded above and below that moving average line over the last 10 or so hours of trading. Nevertheless, if the price can stay above that moving average, it would be more bullish technically..
On the topside the swing highs for the weekend last week are centered at the 0.6924 to 0.6929 area. Needless to say those swing highs should solicit selling with stops on a break above.