Traders tested that 200 hour moving average earlier this month and found sellers against that level at that time too. The last time the price closed above its 200 day moving average was back on November 9, 2021. It is been 93 days since the last closed above the key level.
The move to the upside this week was able to extend above the 38.2% retracement at 0.6886. Traders may look to that level as a barometer going forward. If the price can stay above, a break above the 200 day moving average should be an easier hurdle. Move back below (and the price has been below today), and there could be disappointment into the weekend (and into next week).
Looking at the hourly chart below, the price action has been up and down over the last 24 or so hours. There is some ceilings near the 0.68997 area (call it 0.6900). Although the price moved above that level on its way to retest the 200 day moving average, sellers have leaned against that level since the failed break. Watch that level in the short term.
On the downside in the ups and downs of recent price activity, the 0.6870 to 0.68745 will be eyed. Earlier today after Fed’s Waller’s comments, the price did move below those levels, but quickly rebounded. A move back below the levels would give sellers more confidence that there would be further downside potential. Additional downside targets would come in at 0.68577 and 0.68317.