Price stands at strong support on weekly timeframe which it has been
unable to breach. There is a chance for a bounce from here which could
be exploited on lower timeframes. A daily close above the weekly S1 will
open up for a move towards the Monthly Pivot point at 109.76 as a first
target.
On the the bearish side, a close below the Monthly S1 at 108.48 may open up for
a move towards the Monthly S2 at 106.98, but as it looks on the weekly timeframe
were price stands at the bottom of the cloud with a bullish projected
cloud, it is unlikely for a downward continuation at this point. So the general
approach is to look for strengthening on lower timeframes and buying signals.
It is not a good time to sell the pair or take a breakout trade, because of the situation
on the weekly timeframe.
unable to breach. There is a chance for a bounce from here which could
be exploited on lower timeframes. A daily close above the weekly S1 will
open up for a move towards the Monthly Pivot point at 109.76 as a first
target.
On the the bearish side, a close below the Monthly S1 at 108.48 may open up for
a move towards the Monthly S2 at 106.98, but as it looks on the weekly timeframe
were price stands at the bottom of the cloud with a bullish projected
cloud, it is unlikely for a downward continuation at this point. So the general
approach is to look for strengthening on lower timeframes and buying signals.
It is not a good time to sell the pair or take a breakout trade, because of the situation
on the weekly timeframe.