Price Action Context
The pair has been ranging since September last year and the last days of strong selling did push price back down to a mid-term support. The support was slightly overshot, but price quickly snapped back above indicating that there still is solid bullish interest in this price range. If bulls can manage defend this support, a move back up towards 0.67 and potentially even back up the top of the range around 0.6840 isn’t unlikely in my opinion which can offer potential with-trend short trades from the top of the range whilst aggressive bulls might be interested to look for counter-trend longs around the support zone. A break and close below this support on the other hand would open up for a bearish continuation towards the lows created in August last year.
Trending Analysis
Our LT bias on this pair remains bearish for now as the pair has been in a stable but volatile bear trend since early 2018 and no significant LT resistance has been taken out yet.
Key Support & Resistance Zones
R: 0.6830 – 0.6864
S: 0.6550 – 0.6675
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