Floor at 1.27067-159 solid.
I spent time yesterday, psoting about the 1.27067-159 as key support area. Stay above would keep the buyers more in control (see post here). The price started at that level and corrected toward that level in the London morning session today.
Each test has bounced off the level and the level is solidified as a key barometer for bulls/bears going forward (move below, look for buyers to turn to sellers). PS the 100 hour MA is moving higher and will be eyed by traders as a bias defining level.
The rise today, has reached a limit as well. The 1.27965 was the high yesterday. The December 31 high reached 1.2813. The high today stalled between the levels at 1.2803. We are currently back down to 1.2760 area.
So there is a little something for bulls and bears.
- Floor at the 1.27067-159
- Ceiling at 1.27965-1.2813
With those levels in place, it helps traders especially as the Brexit process continues. Headlines can push the pair one way or the other. So use the levels to your trading advantage. They tell a story and in the process define the trading bias.
