Back on March 10, the price also tested that moving average line only to find willing buyers. Of course the moving average was much lower at that time at 0.92529. Since then the price moved up to a high yesterday at 0.9459 (up 230 pips in four trading days), before giving up those gains and closing lower yesterday. A move below the 100 hour moving average would have traders targeting the swing highs and lows from Monday and Tuesday’s trade between 0.93628 and 0.93709. Break below that level and the 38.2% retracement at 0.9341 then the rising 200 hour moving average at 0.93305 would be other downside targets that would increase the sellers confidence on breaks.
Taking a broader look at the daily chart below, the price higher yesterday fell about 13 pips short of the April 2021 high price of 0.9472 (that was the highest level in 2021 as well). The level gave sellers to lean against on the spike higher after the FOMC decision. Holding it, also gives sellers the start of some confidence.
Staying on the daily chart, there is a swing area between 0.9365 and 0.93748 that if the 100 hour moving averages broken, would be another target to get to and through on the downside to give sellers even more confidence. Those levels corresponded with similar levels on the hourly chart above.