Price failed to pierce the Monthly pivot point last week and instead 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 bearish 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 bearish, 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 bullish break out above the cloud, which would target the Weekly R1 at 1.1882 and the former high at 1.1910.