Price Consolidation Eyeing 1,15 Area

FX:EURUSD   Euro Fx/U.S. Dollar
39 0 0
After breaking the initial Pitchfork to the downside
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 Pitchfork from
below, at the same time testing the Monthly R1. Profittaking
with a dip to the Monthly Pivot Point at 1,11, was followed
by another run at the Monthly R1 and Weekly R1 confluence
resistance. A new Pitchfork has been formed too, from
§8th/27th May swings.
After the support by the Monthly Pivot Point 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 Pitchfork has been broken and we may see
consolidation ahead but with a slightly bullish bias, since
price is bullish on daily timeframe 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.
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