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Target support held... Now what?
The earlier post for the day outlined the potential support targets on the way down.
This is what the that chart targeted...
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The price did wander lower and bottomed at 109.623. It moved below the old trend line but only by a few pips. The price has bounced modestly. We still trade below the 100 hour MA at 109.909 now. Are there any other technical clues that suggests more bullish (or do bears still hold control?).
On the 5-minute chart below, keep an eye on the 100 bar MA above (at 109.82 currently) and below at the 109.737-75 area (yellow area) where there have been swing lows and highs today (see chart below).
I understand that 8-9 pips separates the two levels but if you looks at the price action today, the 100 bar MA has been a resistance area on bounces. Conversely, the 108.73-75 has isolated the downside extreme. on the break to the lows. If the price can stay above, there is more scope for improvement in the price.
