Price has shown respect of the Weekly Pivot Point and is now
coiling along the 3rd quartile of the Pitchfork channel, just
above the white Kijun line. A close above the Weekly PP at 1,0616
will expose Monthly S3 at 1,0710 and the lower Kumo cloud.
A more sharp move up should be capped by the Weekly R1
at 1,0775, which is a good level to look for shorts.
On the downside, a close below the Kijun line (white equilibrium
line) 1,0570 will shift short term focus to the downside. Perhaps
better may be to wait for a close below Daily S1 and previous
swing low at 1,0547. A possible right shoulder in a H&S pattern
should appear around 1,05, but with current strong bearish
outlook, it seems like a less probable scenario.
coiling along the 3rd quartile of the Pitchfork channel, just
above the white Kijun line. A close above the Weekly PP at 1,0616
will expose Monthly S3 at 1,0710 and the lower Kumo cloud.
A more sharp move up should be capped by the Weekly R1
at 1,0775, which is a good level to look for shorts.
On the downside, a close below the Kijun line (white equilibrium
line) 1,0570 will shift short term focus to the downside. Perhaps
better may be to wait for a close below Daily S1 and previous
swing low at 1,0547. A possible right shoulder in a H&S pattern
should appear around 1,05, but with current strong bearish
outlook, it seems like a less probable scenario.