Since addressing supply at 0.6618/0.6544 Friday, the daily candles have been languishing south of the said zone. It should also be emphasised the current supply area comes with a 127.2% Fib ext. level at 0.6578 and a nearby 161.8% Fib ext. level at 0.6642. Traders may include the 200-day simple moving average (SMA) here seen around 0.6667.
Despite sellers attempting to make a show off current supply, the fact we failed to print fresh lows out of this zone at the end of April, as well as price action forming a series of higher highs/lows since testing 0.5506, may fuel buyers.
Despite sellers attempting to make a show off current supply, the fact we failed to print fresh lows out of this zone at the end of April, as well as price action forming a series of higher highs/lows since testing 0.5506, may fuel buyers.
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