By doing so, the market looks as if it is ready to try to recover, but there are a lot of noisy areas above that could cause problems.When I look at this chart, it’s obvious that the 1.04 level is supported, but I would also point out that the 1.06 level is likely to be significant resistance. Furthermore, the 50 Day EMA is just above there and is falling, so that should offer a bit of dynamic resistance as well.
You continue to fade rallies in this market, you continue to get paid. The 1.04 level is stubborn, but you could have said the same thing about the 1.12 level, and perhaps even the 1.08 level.
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