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 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 , 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 break out above the cloud, which would target the
Weekly R1 at 1.1882 and the former high at 1.1910.