- Support at the 1.3114 level where 50% and 100 hour MA were found did not hold the correction, but
- 200 hour MA at 1.3105 held instead.
In addition, looking at the 5 minute chart below, the 200 bar MA and 38.2% of the surge higher was also at 1.3105 (see green line in chart below)
Holding the support is good in the topsy turvy EURUSD market. However, trusting the market is still at a low level.
So what I do know is 1.3105-14 is a tested support level. If the price reverses and moves below this level the waters are muddy again with bias to the downside. If the price moves higher from here, the high for the day and high from April 16th at the 1.3140-47 area is the next target. The underside of the broken trendline (see hourly chart above) is also in this area. A move above that area opens the door for further upside.
