Cluster of technical levels stalls the rally once. Moving back toward that area again.
The cluster of technical levels at the 1.2996 to 1.3003 area stalled the rally (high reached 1.3000). The subsequent all took the price down to its 100 hour moving average of 1.29605 (the low reached 1.2963).
We are currently trading backfire and trades at 1.29915.
Traders will be buying that "cluster area" above. Trade above - stay above - and the bulls are making a bigger play. Stay below and the ping-pong continues.