Last month we've had a rejection of 1.0500 after a the month prior - were formed showing us that price is most likely looking to move up.
The last 4 weeks have been and we've had lots of buying pressure shown from the long bottom wicks. We are looking to continue this momentum up to the weekly level of resistance at 1.09750. MAs are also crossed to the upside supporting the directional bias. We have been forming higher lows and highs.
MAs are upward facing - in alignment with the weekly chart. Higher lows and highs are being formed as well as large candles after smooth pullbacks. On Tuesday, we breached and closed above a daily barrier of 1.07630.
MA crossover to the upside has just occurred, again in alignment with our other timeframes. Price has pulled back to retest and reject our daily area of 1.07630 as support as well as 50% fib level - this completes a lower high. This is also in confluence with our TL. A candle has formed this morning taking out 32 hours of prior price action and breaking our CTL.