Watching EWZ at a critical juncture

Been keeping a close eye on $EWZ lately, and it feels like we're at a pretty interesting point. After that strong push earlier in the week, it's pulled back to test what looks like a key support level around 35.00-35.10. I'm seeing a cluster of previous highs and a short-term moving average converge there, which often suggests an area where buyers might step back in. Today's intraday low of 35.07 certainly puts that area in play.

My scenario here is that if this level holds, we could see a bounce, perhaps back towards the recent highs around 35.37 and potentially higher if there's follow-through. However, the risk that invalidates this view is pretty clear: a decisive break and close below, say, 34.90. If that happens, it would suggest the recent momentum has faded, and we could be looking at a deeper correction. Just my thoughts, always open to hearing how others are seeing it.