Moves above topside resistance turning the bias more bullish...
In the earlier video today (CLICK HERE), I spoke about the hurdles above (200 and 100 hour MA, 38.2% and the 2015 low level at 1.0462) and of the risk below against the 100 bar MA and trend line on the 5- minute chart (see VIDEO). If risk can be defined, the trend can continue. However, it still needs to get through the "hurdles" or targets.
What happened?
The low corrective price got within about 6 pips of the risk defining level (100 bar MA on the 5 minute chart), but stayed above (see chart above).
The hurdles on the topside were also broken - first the 200 hour MA, then the 100 hour MA and finally the 1.0462 level. The price has extended to a high of 1.0482. The 100 bar MA on the 4-hour chart is currently at 1.04825. That MA is stalling the rise now. A break and the 50% of the move down becomes the next target at 1.04955. Look for that level to be a more difficult hurdle - at least on the first test. The range for the day would be near the average over the last 22 days of 114 pips. That, along with the 50% and the 1.0500 big figure should attract some profit taking intraday BUT also be aware that the dips against old resistance levels, now become support.
