Pair runs above 50% retracement
On more upside momentum, traders will look toward the old floor between 0.7130 and 0.71344. Just above that is the 100 day moving average at 0.713898. The price moved below the 100 day moving average back on March 23 (at 0.7109 at the time), and proceeded to trend down over the next few days to the 2021 low price of 0.69405.
Non-trending transitions to more of a trending market. The pair yesterday got the trend going on the break of the 100/200 hour MAs ant the pennant (it was sloppy at first, but started to gather upside momentum into the close). From the MAs, the range has been 85 pips. That is higher than the 75 pips seen over the previous 9 trading days.