The lap is complete for the pair
The test also completed the up and down “lap” for the pair. Early in the session the price low stalled just ahead of the 100 hour MA. The subsequent rise took the price above the 200 hour MA (eventually) and to a test of the 50% midpoint. When that failed, buyers turned to sellers and the price moved first below the 109.62 level, and then to the 100 hour MA. Lap complete.
A move below the 100 hour MA and 109.42-45 swing area is more bearish.
Otherwise, the dip buyers will look toward the same levels above….
- 109.726 (38.2% retracement)
- 200 hour MA at 109.783 (and moving lower), and
- 50% at 109.906.