20-22 May, price fell sharply but found strong support
by the Yearly S2 (orange line). Price then pierced the
Kumo Cloud and came back to test the from
below, at the same time testing the Monthly R1. Profittaking
with a dip to the Monthly at 1,11, was followed
by another run at the Monthly R1 and Weekly R1 confluence
resistance. A new has been formed too, from
§8th/27th May swings.
After the support by the Monthly and SMA200
it seem like we could see further upside, at least a reaching
of Yearly S1 and the Weekly Kijun Sen at 1,15 area. Still
the original has been broken and we may see
consolidation ahead but with a slightly bias, since
price is on as well. Support should
be found by the Kumo Cloud from here. If price pierce
through the 1,15 area and hold above, we may see a
sharp rally towards 1,1740 Monthly R2 and further up
the 38,2 fib of the large higher timefram downwave at 1,1815.
1,11 should hold support, but if broken a test of multi year
lows is in the cards.