So… yes… a new low was made, but the extra shove needed to keep the momentum going, was instead met but dip buyers. The price bounced as sellers turned to buyers.
The price has since moved higher and in the process also extended back above a swing area between 1.1173 and 1.1185. The 1.1185 level was the swing low from 2021. The 1.1173 was the swing high AFTER that low was last broken on January 28.
Getting back above those levels was an area that needed to be breached to give the buyers some comfort, and it indeed it has been broken.
The question now is can it remain broken?
If so, the next target comes in at the 38.2% of the move down from the Tuesday swing high at 1.1205. That level was tested in the current hourly bar and found willing sellers. So the road ahead is still full of pot holes for the buyers.
Nevertheless, if the price can extend above that level, the dip buyers can breathe a little easier, and more upside can be explored.
Conversely, fall below the 1.1173 and all bets are off for those hopes to the upside.
The buyers are making their play off the failed new low. It’s up to them to keep that play going.