We are seeing sideways action since Jan 21 were price has been
sticking to the lower end of the Cloud, just below the Weekly
pivot point at 1.3680. The projected Cloud is twisting and turning
with a knot. And a remarkable row of dojis can be seen from the
last days movements. Oftentimes these dojis precede a sharper
move in either direction. Yesterdays price action saw some bullish
divergence on lower timeframes but the slight recovery has had no
follow through as of yet.
Bulls would like a resolution and a break above the Cloud preferrably
with a close above the 1.61 S/R level, as a first step to shift the
trend. A taking out of the Jan 18 high at 1.74 is also crucial in a reversal
attempt. To the downside, a breaching of the 1.13 low from
Jan 22 will expose the low from Jan 17 at 0.87 which aligns
with the new Weekly S1.
Also take a look at the hourly analysis, with a terminating Triangle.
sticking to the lower end of the Cloud, just below the Weekly
pivot point at 1.3680. The projected Cloud is twisting and turning
with a knot. And a remarkable row of dojis can be seen from the
last days movements. Oftentimes these dojis precede a sharper
move in either direction. Yesterdays price action saw some bullish
divergence on lower timeframes but the slight recovery has had no
follow through as of yet.
Bulls would like a resolution and a break above the Cloud preferrably
with a close above the 1.61 S/R level, as a first step to shift the
trend. A taking out of the Jan 18 high at 1.74 is also crucial in a reversal
attempt. To the downside, a breaching of the 1.13 low from
Jan 22 will expose the low from Jan 17 at 0.87 which aligns
with the new Weekly S1.
Also take a look at the hourly analysis, with a terminating Triangle.
