In the kickstart video earlier today, the 38.2% and the falling 100 bar MA on the 4-hour chart was holding resistance at 1.2810. Getting above that level and the 200 bar MA at 1.2819 would open the door, and that is what happened.
The move has taken the price to 1.2829. The 50% of the move down from July is the next key target at 1.28537.
When two key technical levels are broken near the same level, that increases the level’s importance going forward. For buyers, it will now take a move below that level near 1.28102. A move back below would be disappointing to the buyers who bought the break. Absent that, and the upside can be probed with the 50% the next key target.
This article was written by Greg Michalowski at www.forexlive.com.
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