You may see that price retraced to the previous levelof resistance which is now support.
So far it seems that the level 1.09700 is being tested several times.
If we fine tune our analysis we take the help of the 4 hour and 1 hour chart to see if we can gather further information.
And yes the four hour chart shows the the 200 day moving average is holding price now for 16 hours.
If you believe that buying from support is a good idea with the help of the 200 day moving average then perhaps you want to pull the trigger.
You would also be buying from a 50% Fib level of the daily chart.
If we continue to fine tune our entry then we see on the 15 min chart that we already have a higher low scenario with number 3 and a higher high scenario with number 4.
If price moves to number 5 because the stochastik is overbought and a new higher low is provided the a bullish trade is suggested.
A 50% retracement predicts a target of a fib extention of 162% which would be 1.14600.
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