In this 60-minute chart, we can see that price activity depreciated to around the 62.58 level (identified by the red up arrow), a level that represents the 23.6% retracement of the recent 57.34 – 64.20 range.
Price activity then appreciated to the 63.07 level during the next 60-minute bar, right around the simple moving average (14) (identified by the blue down arrow).
During the next 60-minute bar, price activity again depreciated to around the 62.58 level, underscoring the importance of this retracement level (identified by the second red up arrow).
Given the importance of this technical range, traders observe possible technical support ahead of the 61.58 level, the 38.2% retracement of the same range.
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