Titan FX | Feb 11, 2019 09:37PM ET
Looking at the 4-hours chart, the pair settled below the 1.3000 support and the 100 (red) simple moving average (4-hours), opening the doors for more losses in the near term. The pair tested the 1.2850 support area, where buyers emerged.
Later, there was an upside correction above the 1.2925 level and the 23.6% Fibonacci retracement level of the recent decline from the 1.3160 high to 1.2854 low.
However, the pair faced a strong resistance near the 1.3000 level and the 38.2% Fib retracement level of the recent decline from the 1.3160 high to 1.2854 low. Moreover, there are two bearish trend lines formed with resistance at 1.2970 and 1.3025 on the same chart.
A successful close above the 1.3000 and 1.3025 resistance is needed for the pair to move back in the positive zone. If not, there is a risk of a downside move towards the 1.2850 and 1.2800 supports.
Written By: Titan FX
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