However, in trading yesterday the 100-average day moving average was broken at $28,538 (blue line in the chart below). The momentum continued with the price moving to – and through – the 200-day moving average at $27,291. That was the 1st break and close below the 200-day moving average since January 12, 2023 (PS. on March 10, the price tested that moving average line and bounced higher).
In trading today, the momentum continued to a low price of $25,600. That got within $23 of the 38.2% retracement target at $25,577. The price has since bounced back to $26,050.
So support held at the 38.2% retracement near $25,577.
Going forward, the 200 day moving average at $27,291 is now the key resistance level on the daily chart that if the price were to stay below keeps the sellers in play. A move above would be more bearish.
On the downside, a break below a 38.2% retracement and swing area support down to $24,819 would be targeted (see yellow area in the chart below)
This article was written by Greg Michalowski at www.forexlive.com.
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