In the morning kickstart video, I commented on the 1.1655 level as a key target. The infograph highlights my key technical comment on that pair (see highlighted yellow are on the infograph below from the start of the trading day):
The price did move higher and tested that level in the North American session reaching a high of 1.16565 – a pip or so above that key level. The price rotated lower reaching a low of 1.1632 before rotating back to the upside.
The price is now back up and retesting the 1.1655 level. The high price just reached that level and found sellers but the rotation to the downside remains subdued.
Can the sellers keep a lid on the pair against the key swing area or will buyers push through given the buyers a victory off of the lows?
If that key 1.1655 level can be broken, focus would return to the falling 100 hour MA at 1.16775 followed by the 200 day MA and the 38.2% retracement of the move up from the March low to the April high near 1.1681 area. Conversely, keep a lid against the 1.1655 level would have traders looking down toward 1.1637 followed by the 50% midpoint at 1.16287. Move below 50% midpoint and the door opens for more downside momentum once again.
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