Price Action Context
The strong sell-off from 0.9850 to 0.9200 between the 20th of February and 9th of March has been met with equally strong buying, catapulting the pair back above the long-term support that was broken during the sell-off, creating a massive 400+ pip false break. Price is now pulling back correctively towards the support zone.
Bias switched back to neutral after the fast return back above the long-term support and bulls can look for possible trading opportunities on weak pullbacks into the support. If the support zone is successfully defended, a move back up towards parity is likely whilst a break and close back below 0.96100 would put 0.9200 back into focus.
Long-Term Key Support & Resistance Zones
Resistance: 0.9960 – 1.0000
Support: 0.96100 – 0.9700
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