This weeks close will come in above the Weekly R1,
hinting a bullish continuation in the coming week. Price
just traded Weekly R2. If we see a close next week above
the Yearly S1, at 1,1465 and a close above the 61,8 fib of
the CD leg drawn on the chart, chances are we will see a
continuation to the D level at 1,18 sharp. This is also in harmony
and confluence with the big 38,2 fib of the swing May 2014/
March 2015. This will be very strong resistance and in some
way coincide with the Kumo cloud resistance too (either
next week or the coming one). A failure at 1,14 price will
either retrace (slow move down in comparison to the upward
impulse) or reverse ( a sharper move down with good impulse).
Next week looks to be interesting. Next resistance is at
Monthly R2 at 1,1410.
hinting a bullish continuation in the coming week. Price
just traded Weekly R2. If we see a close next week above
the Yearly S1, at 1,1465 and a close above the 61,8 fib of
the CD leg drawn on the chart, chances are we will see a
continuation to the D level at 1,18 sharp. This is also in harmony
and confluence with the big 38,2 fib of the swing May 2014/
March 2015. This will be very strong resistance and in some
way coincide with the Kumo cloud resistance too (either
next week or the coming one). A failure at 1,14 price will
either retrace (slow move down in comparison to the upward
impulse) or reverse ( a sharper move down with good impulse).
Next week looks to be interesting. Next resistance is at
Monthly R2 at 1,1410.