100 day MA and 38.2% retracement at 1.1262-66
The 100 day MA and the 38.2% retracement of the move down from the consolidation high in December to the low reached in March comes in at 1.1262 and 1.12665 respectively. The high today reached 1.1269 just to mess with trader's stops (the high from last week is another target to get above at 1.1289 though). The price quickly reversed down to a low of 1.1201 after the failed test.
The price is back up and looks to test the resistance on the weaker than expected ADP report. Key level to get and stay above if the pair is going to extend toward the next targets. On the hourly chart, the 1.1447 area (highs from Feb) and the 50% at the 1.1515 are targets.
On dips keep an eye on 1.1241 although it seems like it is go or fail and move lower at this point.
