Price has failed to find support by the trendline and Kumocloud and
has breached the Yearly S2 again at 1,0833. Bears are trying
to put in a bearish monthly close below Yearly S2.
Currently, trading inside the cloud and we may see a test
of the lower Kumocloud support/Weekly S1 and the 61,8
fib retracement of whole upswing from multiyear low, at
1,0740-50. A smaller ABCD is completed by the Monthly S3/
daily S3 around 1,07. The testing of Weekly S1 will be
important for short term trend. A weekly close below will
imcrease chances for a resumption of the bear trend.
The projected kumocloud is still bullish wish adds strength
to the lower kumo support level. Also retail sentiment
remains weakly net bearish, giving an additional bullish bias short term.
A Monthly close above yearly S2 and daily pp can be the
start of an attempt to breach the kumocloud and complete
the larger ABCD at 1,12.
has breached the Yearly S2 again at 1,0833. Bears are trying
to put in a bearish monthly close below Yearly S2.
Currently, trading inside the cloud and we may see a test
of the lower Kumocloud support/Weekly S1 and the 61,8
fib retracement of whole upswing from multiyear low, at
1,0740-50. A smaller ABCD is completed by the Monthly S3/
daily S3 around 1,07. The testing of Weekly S1 will be
important for short term trend. A weekly close below will
imcrease chances for a resumption of the bear trend.
The projected kumocloud is still bullish wish adds strength
to the lower kumo support level. Also retail sentiment
remains weakly net bearish, giving an additional bullish bias short term.
A Monthly close above yearly S2 and daily pp can be the
start of an attempt to breach the kumocloud and complete
the larger ABCD at 1,12.