Price is finding resistance by the lower cloud, which stands at
1.1880. A monthly close inside the cloud and we might see further
gains. The next important levels besides the Yearly R2 is the white
trendline/Sma200 zone 1.23-1.2350. If price manage to close above
the Yearly R2, it will be even more bullish and we are then looking at the
next pivot at 1.2565.
However, if price fails to close inside the cloud, perhaps producing a
pinbar/doji candle, we might see a correction, at first, to the 1.1690-1.1730
level (Monthly S1 and Sma200 on the weekly tf). Also, on the weekly tf
MACD indicator is threatening a bearish cross.
Either way, I think the 1.1880 level is a good line in the sand for sentiments
for the monthly close, to watch out for.
1.1880. A monthly close inside the cloud and we might see further
gains. The next important levels besides the Yearly R2 is the white
trendline/Sma200 zone 1.23-1.2350. If price manage to close above
the Yearly R2, it will be even more bullish and we are then looking at the
next pivot at 1.2565.
However, if price fails to close inside the cloud, perhaps producing a
pinbar/doji candle, we might see a correction, at first, to the 1.1690-1.1730
level (Monthly S1 and Sma200 on the weekly tf). Also, on the weekly tf
MACD indicator is threatening a bearish cross.
Either way, I think the 1.1880 level is a good line in the sand for sentiments
for the monthly close, to watch out for.