Up and down day as Brexit remains the focus
The Brexit news is ebbing and flowing and so is the price action.
Looking at the hourly chart, the market gapped lower at the opening of the day, and in the process fell below the 200 hour MA and 100 day MA. That was short-lived however, and the buying was on.
The price move up through the 100 hour MA (blue line) but stalled in a swing area from last week’s trading at 1.318-85 (high reached 1.31812). Sellers entered.
The fall from the high has stalled at the 38.2% of the move up from the October low at 1.31287. Swing lows and highs comes in at 1.31326.
IF the 1.31803-85 is resistance above, the 1.31287-326 is the support below as the “market” settles.
Shorts from above need a break of the lower level with the 200 hour MA at 1.3106 and the 100 day MA as targets (at 1.30954).
Buyers taking a shot against the 38.2% will look back toward the 100 hour MA at 1.3175 and that swing area.