Last time, the trading did not last long. Now developing value above
Looking at the minute chart (yes minute), when the price moved higher earlier today, the 1.1154 level was a point that the price based and ran. Those 2 minutes spent above the 1.1154, found sellers start to over-take the buying. The price quickly retreated toward the 50% of the move at the 1.1108 area . The last 3-4 hours have seen the price stay above support at 1.1108 and the 1.1154 level - until recently. The price has now broken back above the 1.1154 level and value is being created above the level. If the price can stay above, I would not be surprised to see another test of the highs a 1.1192.
Looking at the daily chart, this is the underside of a broken trend line and it is close enough to 1.1200 to have that natural resistance but it may be the magnet for the pair. A move above (the sellers are not taking control) could solicit another bout of buying/short covering.
