The old trend line finds support buyers
In an early post, I spoke to support at the high from Tuesday and near the reestablished trend line near 1.3929.
A dipped below the Tuesday high should see more corrective probing to the downside with the old trendline cutting across at 1.3929 (and moving higher) as another potential support target. Move below and the buyers start to lose their control.
The price moved down to retest the lower trend line and after a brief dip to 1.39262, sellers turned to buyers. The price started to move back higher.
The pair is currently back at 1.3964. The high for the day reached 1.39853. The 1.4000 should be a key natural target.
On the downside, the support levels remain the same . Close risk is the high from Tuesday at 1.39506. Below that the trend line will be eyed again. Move below both, and there should be more downside probing.
