Oil him and himhour MAs and swing area is being tested
The 1.3999-1.4003 swing area are being tested. The 38.2% of the move down from the high last week at 1.40033. The 200 hour MA at 1.4009. The 100 hour MA at 1.40187 are all lined up as forming a cluster of resistance. The high for the day reached 1.40136 and have found sellers who are willing to lean against the risk area (with a stop above).
Drilling to the 5 minutes chart below, if the level area is able to hold, we could see a rotation back down toward the 1.3972-76 area. That is home to the the 38.2% of the trend leg higher today. The swing low off the high today reached to 1.3976 and the price bounced.
The question going forward from here is "Will that 2nd wave of buying get through the cluster of topside resistance including the 200 and 100 hour moving averages?" If it can, full steam ahead. If it can't, rotation back down through the 38.2% retracement is possible.