The pair has been tempting to break but showing more momentum
The 100 bar MA on the 4-hour chart (blue step line in the chart below) at 1.0866 has been tickled by traders for most of the NY/London session. The price has moved below on 5 separate hourly bars, but each one failed to close below. The price just fell below that rising MA line at 1.0866 level and made new session lows. Stay below that MA line and bears have more control.
Is the pair in the clear?
Unfortunately....no.
Looking at the hourly chart, the 1.0851-56 area remains a key level to get to and through. It held support going back to April 25th through 28th. Getting below that area will open the downside more until the 200 day MA which comes in at 1.0830 today
