Weekly Pivot Point Has Been Tested. Monthly Pivot Point Next?

Price has tested the Weekly pivot point and if we see a move below
the daily pivot point from here we are looking at Weekly S1 as the next
target at 1.1695 and below that the yet untraded Monthly Pivot Point
at 1.1666. There is a nice confluence of daily and weekly pp, that will add
resistance at this level.
On the upside, a H1 or H4 close above the Weekly pivot point will put shorts
on hold and we may see price drift higher yet again, with a target by the Weekly R1
1.1880 or Daily R1 at 1.1865.
The upper Kumo Cloud on H4 stands today around 1.1750 and the lower
end approximately by the Monthly pp. But tomorrow and the next days
the H4 Cloud will ascend sharply, thus making today the best day for any
downward moves as support increases over the coming days.
Another bullish setup could be to play a bounce off the H4 Kumo Cloud, using
lower timeframes to trail a stop or aim for a defined target. In general, there
are several trading options at the moment, with good opportunities to
retract some profits from the market. At the end of the day, money management
and handling risk, is what counts, regardless of the setups.