The low end of the gap was down at 1.0737
By the way, it may have taken nearly 3 years, but the gap from April 2017 (on the French election results), I will officially call it filled. The low in trading today reached 1.0777. My lower level from the gap was at 1.07768. Of course others may have slightly different levels. So I am declaring the gap filled.
Drilling to the hourly chart, the last 3 days has seen the price action wonder near that low level in modest up and down trading. The range day for the euro is only 38 pips. The high price was in the early Asian session at 1.08146.
We currently trade at the 1.0800 level. On the topside is the 100 hour moving average at 1.08172 currently and moving lower. The last time the price has traded above the 100 Hour Moving Average was back on February 4.
It's logical to say (and think) that a move above that moving average should solicit more buying/short covering. A break above would next target the 38.2% retracement of the move down from the February 12 high at 1.08336. The falling 200 hour moving average is up at 1.08548.
If the 100 hour moving average cannot be broken, and the low at 1.0777 is taken out, the downside opens up. On the weekly chart above, the 1.0737 level is a lower trend line target. That would be a target on further weakness.
