Testing The Kumo Cloud Resistance. Trading Opportunities

FX:EURUSD   Euro Fx/U.S. Dollar
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Price has bounced sharply from the May low and the Yearly S2 pivot support., and is now
testing the Kumo Cloud resistance at 1,10. Bears should look for a sell signal on intraday
chart or just wait for the daily close. A long wicked daily candlewill be good to use to go short.
A close inside the Cloud increases the likelihood for a return to the monthly PP and upper Cloud 1,1150-1,12.
However, today, there is also strong resistance at Weekly R1 and a sloping trendline , at 1,1070. Since the B-level
from May was taken out, we can say that the Butterfly has become more probable, despite the sharp bounce.
so your are telling that it will go up to 1.115 before going down
CapMoore NavindranAruldas
With a daily close inside the Cloud, above 1,10, it will likely first challenge the trendline and Weekly R1 at 1,1070 and if breached the upper cloud is next.
A close inside the cloud will complicate things for bears, as we already had a nice bearish breakout on the 16th. I think this signal is still valid,
thus the retest of the cloud and from there a continuation. The close is always important in my book.
CapMoore NavindranAruldas
The lower Cloud level today is exactly 1,0992, thus a close below 1,0990 is prefered from a bearish perspective.
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