Recall on Friday, traders took the price up to the MA level on a number of different occasions during the day, and also traded briefly above the MA level during 2 hourly bars (see hourly chart with the overlay of the MA – green line). However, the price momentum stalled and the price settled lower (PS the high price going back to March 7 also tested the MA line but stalled)
The pair’s move today is also finding willing sellers so far. There is a battle between the buyers and sellers.
A move above would have traders looking toward the high from March 7 at 0.6925. That level was the highest going back to November 24, 2021. A break of that level would open the door with the 50% midpoint of the move down from February 2021 high at 0.6996 the next key target.
If the break fails again, a move back below 0.6899 could see buyers turn to sellers as the break of the KEY 200 day MA is a disappointment. The 0.6870 to 0.68745 (see hourly chart) would be another downside target that if broken would give sellers more confidence that a top is in place.