The bulls are currently taking on key resistance. , the price has indeed come up to the 0.6000s, but the bears put up a strong defense on the way there as the following will show. Meanwhile, the prospects from here are two-fold as the countdown to the Federal Reserve gets underway.The price was showing signs of a bullish correction for the session ahead with 0.6000 on the radar.The price reached towards the 0.6000s but failed sooner and dropped heavily as illustrated and projected so.
If the price continues to correct higher, it will leave a more well-defined W-formation behind that may either result in a move lower or higher on a retest of the neckline, as illustrated above ad below respectively. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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