The move lower saw the price move below the 100 hour MA (blue line currently at 1.10133), but could not muster momentum to move below the 200 hour MA (green line at 1.09935).
In an earlier post, I commented that a move below those levels “would sour the bullish mood for more traders”.
Well, it didn’t and sellers turned to buyers.
The move back to the upside has now seen the price move back toward the 38.2% of the move down from the Feb 10 high. That comes in at 1.10684. The current price is at 1.1061. Move above with momentum, and the bias turns more in the buyers favor once again.