Price shot through the previous highs and rallies to
Monthly R1, which also is the upper Kumo Cloud.
It is also the low from the end of January. Chances
are that this resistance will hold up even if the rally
seems powerful. A Kumo Cloud break today, with a
bearish projected cloud,usually means price will come
back to test the cloud. If bullish then wait for a retest.
Otherwise it looks like a reversal it at hand on the Daily
chart with a higher low and a higher high in place.
A retest of 1.10 level will be an opportunity to get
long if bullish. Still, 1,1465 will be next hurdle if the
Monthly R1 and the Kumo Cloud is breached. Also,
there is the previous sloping channel top to be taken
into account as resistance. Only a close below the
Kumo Cloud will relief upside pressure going forward.
Monthly R1, which also is the upper Kumo Cloud.
It is also the low from the end of January. Chances
are that this resistance will hold up even if the rally
seems powerful. A Kumo Cloud break today, with a
bearish projected cloud,usually means price will come
back to test the cloud. If bullish then wait for a retest.
Otherwise it looks like a reversal it at hand on the Daily
chart with a higher low and a higher high in place.
A retest of 1.10 level will be an opportunity to get
long if bullish. Still, 1,1465 will be next hurdle if the
Monthly R1 and the Kumo Cloud is breached. Also,
there is the previous sloping channel top to be taken
into account as resistance. Only a close below the
Kumo Cloud will relief upside pressure going forward.