Can the other resistance targets now be broken.
The market traders tested the 100 hour MA in the Asian session. That MA stalled the rally at 0.9883 and the price marched to a low at 0.98299.
Since then, the price has rallied back higher and in the price has moved back to the Friday closing area and right back up to the 100 hour MA at 0.98823. For the 2nd time today, the market stalled against the level on the last hourly bar, but we are now trading above the level
Can the market keep the momentum going and turn the bias more to the upside (bullish).
A move above is not necessarily an invitation to race higher. The 38.2% of the move down from last week’s high comes in at 0.98855. That is being tested now. Above that,
- A trend line cuts across at 0.9890.
- The high for the day (from the Asian session) comes in at 0.9894.
- The 50% AND the 200 hour MA both come in at 0.9904. That will be a key resistance target
The pair has made an impressive rebound today and now has a sting of levels to get to and through. That might make the march higher a bit tougher. Look for sellers/profit takers to try to put up a fight at the resistance targets.