It is finding congestion at the area now. Traders, will be eying corrections now to see if they are able to keep the bullish momentum going. The last high came in at 1.2343. The 1.2333 was the high from July 10th. If traders are intent on moving higher from here, I would expect those levels to be the lines in the sand for a Friday. The next stop above comes in at 1.2394-1.2404-06 (see chart below). The 1.2394 is the 50% of the move down from the June high, the 1.2404-06 is low from June 28th (started a trend higher) and high from July 6th (started a trend lower).
Above that level the 1.2418 (on closer inspection – said 1.2325 in an earlier post). This is the trend line on the daily chart.
