Earlier today in the Asian session the low level of the floor of the swing area going back to the end of 2023 was broken at the 0.6334. That break turned buyers into sellers and the price has continued that fall in the US session today.
The swing range starting at 0.6334 up to 0.6363 is now in imminent danger. Staying below maintains strong control over the vendors. Move up and there is likely to be more upside exploration of the failed breach. The 100 hour MA at 0.63538 is another level to get above what is inside the swing area from the daily chart.
On the downside, the next target range comes between 0.62698 and 0.6284. That is also a swing area on the daily chart going back to 2022 and the end of 2023. A move below that level is needed to increase the bearish bias even more and traders will be looking at the end towards the 2022 lows at 0.61738.
