Price has advanced to the top of the Cloud, which has a bearish projection
as of yet. That means the resistance is stronger here than if the projected
Cloud had twisted bullish. The Weekly R1 might be the final destination of today
as weekend is approaching. To enter short on low timeframe from
this level, 1.1886 is a possibility, if price seems to respect it.
Also from a bullish side, we like to see a retracement here looking
for a bullish twist and only after that a close above the Cloud for a clean
buying signal. If this occurs, chances are good we will see another test
of the Yearly R2 at 1.2090 and maybe a break of that level.
For bears and perma bears, a close below the Cloud, and a sharp drop
from here, to give a clean selling signal, is what they have to wait for.
as of yet. That means the resistance is stronger here than if the projected
Cloud had twisted bullish. The Weekly R1 might be the final destination of today
as weekend is approaching. To enter short on low timeframe from
this level, 1.1886 is a possibility, if price seems to respect it.
Also from a bullish side, we like to see a retracement here looking
for a bullish twist and only after that a close above the Cloud for a clean
buying signal. If this occurs, chances are good we will see another test
of the Yearly R2 at 1.2090 and maybe a break of that level.
For bears and perma bears, a close below the Cloud, and a sharp drop
from here, to give a clean selling signal, is what they have to wait for.