Midpoint of the move down from teh March 18 high tested
The pair got it’s next shove on the break of the 1.38116 area. That give buyers more confidence. The pair has now reached the next target at the 50% midpoint of the move down from the March 18 high. That level comes in at 1.38353.
So far sellers are leaning against the level. The 50% midpoint can be a sticky point and give traders cause for pause. The range for the day is also near the 22 day average (91 pips range vs a 99 pip average). For bulls, the next stop is the March 29 high at 1.38461 (high for the week).