Now some people will tell me the 200 SMA was supporting the price at 1.10. And yes that is true. And if you have any experience reading financial charts in the markets, you really do not need to use the SMA indicator to see that. I can see it or guess that the 200 SMA is there, no indicator required. It is not rocket science, it is experience.
Anyway, I bought based on trend reversal and seeing the price action. The price broke to lows of 1.02 recently. You could say it broke the 1.08 support. Then it reversed strongly, came back up to 1.13, then it dipped to 1.10. And I bought on the dip.
That is reason enough for me to buy. The false break and subsequent strong momentum confirming the false break. The bigger reason has to do with the previous post, the bigger picture really.
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