Price hitting the upper cloud after strong intraday rally
Price has hit the ceiling of the cloud at 145.69. With a bearish projected cloud
chances are we may see a retraction from this level, perhaps after a breakout
attempt and testing of the Monthly R1 at 145.20. The intraday rally has been
impressive and on the weekly timeframe the picture becomes more clear, as
price has broken above the cloud and may give a bullish buy signal if it closes
above the cloud. The next target then will be the yet untraded Yearly pivot point
at 148.80. Thus, what on daily timeframe looks like a move towards the top
of a range, on the weekly looks tf like a reversal. Scalpers may look for weakness
on lower timeframe around this level, to short the pair , as price may retract
to give time for a cloud twist.
chances are we may see a retraction from this level, perhaps after a breakout
attempt and testing of the Monthly R1 at 145.20. The intraday rally has been
impressive and on the weekly timeframe the picture becomes more clear, as
price has broken above the cloud and may give a bullish buy signal if it closes
above the cloud. The next target then will be the yet untraded Yearly pivot point
at 148.80. Thus, what on daily timeframe looks like a move towards the top
of a range, on the weekly looks tf like a reversal. Scalpers may look for weakness
on lower timeframe around this level, to short the pair , as price may retract
to give time for a cloud twist.