Price failed to pierce the Monthly pivot point last week and instead
bounced off of the Weekly S1, just 23 pips shy of the monthly pp.
After a test and bounce off the cloud price failed to make a new low
and came right back to the cloud and after a while pierced it with one
impressive candle. But since the projected cloud was bearish this
was unlikely to hold as a break out.
Now price has returned inside the cloud, tested the weekly pp and
the lower Kumo Cloud/Eq.line. . Last week price never made a proper
Cloud break out, but at the current moment, as the projected cloud
is bearish, we could see just that. Thus increasing the chances for
a test of the monthly pp and perhaps a deeper correction than that.
Another scenario may be that the projected cloud twists and we
see a bullish break out above the cloud, which would target the
Weekly R1 at 1.1882 and the former high at 1.1910.
bounced off of the Weekly S1, just 23 pips shy of the monthly pp.
After a test and bounce off the cloud price failed to make a new low
and came right back to the cloud and after a while pierced it with one
impressive candle. But since the projected cloud was bearish this
was unlikely to hold as a break out.
Now price has returned inside the cloud, tested the weekly pp and
the lower Kumo Cloud/Eq.line. . Last week price never made a proper
Cloud break out, but at the current moment, as the projected cloud
is bearish, we could see just that. Thus increasing the chances for
a test of the monthly pp and perhaps a deeper correction than that.
Another scenario may be that the projected cloud twists and we
see a bullish break out above the cloud, which would target the
Weekly R1 at 1.1882 and the former high at 1.1910.