Good hold near the 1.10544 level and breaking above swing area.
In an earlier post, I outlined the importance of the 1.1054-618 area. Staying above would keep the buyers in control. The price did dip briefly below the level but it was only a single pip. Since then, the price action has been to the upside.
On the break of the 1.10618 level, the sellers turned even more to buyers and we are now starting to see a move toward the next targets on the topside including the:
- 100 bar moving average on the 4 hour chart at 1.0766
- 50% retracement of the move down from the November 4 high at 1.10817
- 100 day moving average at 1.10898.
The price has not been above the 100 day moving average since November 5. The 100 day moving average is near the swing levels going back to November 6 and November 7 at 1.10924 and 1.1091. Key area on a test that should see some patient sellers against the area with stops on a break above
