Speech ends and the price rebounds back above its support turned resistance levelsThe UK PMs speech finished and the selling seen through her speech was reversed. The price moved back above the 100 hour MA (at 1.35273) and sellers turned back to buyers. The 100 bar MA on the 5-minute chart has stalled the rally so far.
As mentioned earlier, there is a lot of «stuff» going on and that stuff extends into the weekend. As the market works its way through the day to the close, traders will take shots. Moving below the 100 hour MA was bearish, but failing to extend to other targets and moving back above the 100 hour MA is not bearish but more bullish. That’s trading. That’s the risk in a day like today.
If you do trade, pick your spots to get in at technical levels. Target levels in the direction of the trade. If they work, great. If they fail, get out. The 100 hour (and the 1.3532 level) were key levels for bullish or bearish bias today and remains so.
Since we are back above, the 100 and 200 bar MAs at 1.35617 and 1.35701 respectively are targets to get to and through followed by the close from yesterday at 1.35793. Get above them and the pair will look toward the high for the day and the 1.3600 level.
A move below the 1.35274-32 area is more bearish — again.