The move from 1.2600 to 1.4270 retraced exactly 50% to 1.3440. The 38.2% retracement of the fall from 1.4270 to 1.3440 comes in at 1.3755 and that is initial resistance. A more solid resistance level comes is at the 50% retracement at 1.3855. The 20-day MA, often a good short-term trading target, is just below there at 1.3825.
Only a clear break now below 1.3585 will jeopardise the short term up trend.
