After dropping off sharply from the monday spike high, we have
seen a flag forming on intraday chart, which was broken to the
upside during the Asian session. A retest of the channel from
the upside with additional support by the Kumo Cloud and
the Yearly S1 at 1,1465 (which has played an important role
as resistance during the recent months, for instance on the
May 15 high). An hourly close above the Kijun sen
and previous candle open 1,1485-90, may take price up
towards the upper Kumo Cloud (which rejected price at
previous test). An hourly close above the cloud will open
up for a run at the spike high, and perhaps the ultimate
target, 1,18, which has been outlined on the daily timeframe.
Note that Weekly R1 and Daily PP is in confluence arount 1,15,
which may give a bounce as well.
A close below the cloud and re-entering the channel, may
expose the daily S1/previous low at 1,14
seen a flag forming on intraday chart, which was broken to the
upside during the Asian session. A retest of the channel from
the upside with additional support by the Kumo Cloud and
the Yearly S1 at 1,1465 (which has played an important role
as resistance during the recent months, for instance on the
May 15 high). An hourly close above the Kijun sen
and previous candle open 1,1485-90, may take price up
towards the upper Kumo Cloud (which rejected price at
previous test). An hourly close above the cloud will open
up for a run at the spike high, and perhaps the ultimate
target, 1,18, which has been outlined on the daily timeframe.
Note that Weekly R1 and Daily PP is in confluence arount 1,15,
which may give a bounce as well.
A close below the cloud and re-entering the channel, may
expose the daily S1/previous low at 1,14
