Price moves in range right above the 38.2% retracement level and tries to recapture more directional energy before will try to breakout from the extended sideways movement. You can see that we had a false breakout on Friday, that’s why the rate has come back to confirm the major static support (resistance turned into support).
Technically should climb towards new highs as long as is located above the mentioned support level, only a valid breakdown will open the door for a broader drop.
