Built off the lower trend line
At the start of the NY trading day, the price was testing support along a lower trend line (see earlier post here).
Buying against that low trend line has paid off as the price action has been able to step higher and in the process take out some technical hurdles
1. The price got above the low from last week at 1.0366 and develop value above that level.,
2. The price tested and then broke above the 100 bar MA on 5-minute chart AND trend line resistance
3. The 200 bar MA held o the test at 1.0388 and held.
4. The correction rotated to the broken trend line
5. We moved above the 200 bar MA (green line)
We are trading near unchanged at 1.0401
The question now is can the 200 bar MA now hold support and can the price get and stay above the 1.0401 level (up on the day). If it can, the buyers check off a target on the list. Fail and the waters get muddy.