The run higher today could not get above a swing area (failed above the 200 hour MA and trend line)
- The 200 hour MA,
- A downward sloping trendline
- Swing area between 0.9156 and 0.91639 and the
- 38.2% retracement at 0.91653.
and commented that:
Ultimately if the buyers are to take more control, getting and staying above that area would be required..
Today, the price was able to get above the 200 hour moving average, the trend line but could not extend above the swing area nor the 38.2% retracement of the move down from the September 25 high.
So buyers turned to sellers. The dollar selling in the NY session has seen the price move to new session lows. In the process, the price has now moved below its 100 hour moving average at 0.91266. Stay below that level would keep the bears more in control.
On the downside, the him next major targets come in against him him levels from yesterday and Monday. Him a swing high from yesterday reached up to 0.9111. That is the next target. Below that, yesterday extended down to 0.90848.
The failure to extend above the cluster above and the more recent fall below the 100 hour MA, has tilted the bias more to the downside. Stay below the 100 hour MA (and perhaps the swing area up toe 0.91367) keeps the sellers in firm control.