Price has successfully broke the moving averages and are using them as resistance. After the bearish leg at the end of last week we are now seeing our exhaustion/ bullish retracement. This position was given out in the InsideFX Telegram group (@insidefx) last week and we were already over 120 pips up in 1 day! You may still have another opportunity to enter short as price retraces to retest moving average resistance. Personally I think the upside leg will be short lived possibly reversing around the 1.3200 – 1.3230 region before moving to our downside target at 1.3100 support and possibly 1.29520 long term.