...new highs as the pair now trips stops on the topside
First....the 100 hour MA (blue line at 1.1099) was busted, and then the 50% and lower trend line was broken/tested.
That break lower failed and sellers turned to buyers on the move back above the broken 100 hour MA. The squeeze back higher was on.....
This time, the dual MAs including the 200 hour MA and the 100 day MA were broken at 1.1120 area, and stops - this time to the upside - were triggered sending the price running above those key MA levels.
What now?
The longs now have the bias in their favor above the 200 hour MA and the 100 day MA. For longs - I hate to say it - but the 1.1120 area is now risk. Stay above is more bullish. Move below and the waters are muddy again (and the price is back between the 100 and 200 hour MAs).
On the topside, if the support can now hold, the 1.11535 and 1.11619 are the next swing high targets. Above that, and the market will be eyeing the 1.11788 high for October, followed by the 200 day MA at 1.11955.
