MarketDeal24.Com – Four-hour price broke 0.91 on Wednesday and fell to support 0.9075-0.9088 after failing to retest at 0.91 on Thursday. If bearish conditions are created below 0.9075-0.9088, the price will move to the September opening level of 0.9038, followed by the 0.90 level.
In the weekly time frame, buyers last week strongly recovered the price from the support level 0.9014, which is in line with the ABCD support 0.9051 (black arrows). If the price continues to rise, the price will target resistance 0.9255. 0.9255 is the next upward target if buyers can take over the market, with a 38.2% Fibonacci retracement ratio of 0.9388. It should be kept in mind that the market has been declining since April 2019.
In the daily time frame, the price is currently below resistance 0.9187. The downward target is Quasimodo support 0.9009. There is also a trend line resistance starting from a maximum of 0.9901, which is again in line with the weekly resistance of 0.9255.
Sellers will try to create bearish conditions today and target the September opening level of 0.9038 in a four hour time frame. However, the price may be tested once before at 0.91.