Price fell down to the lower Cloud and the Weekly pivot point but has
found support there and is currently trying to close above the cloud again.
The correctly drawn Pitchfork was confirmed with the current candle
spike, thus pointing to a trendshift. If we see a close above the cloud, the
next target is the Weekly R1 at 1.1844.
If price returns inside the cloud and the channel, we may see further sideways
action or a possible Cloud twist with a bearish breakout and a test of the
lower channel. Bullish pressure is seen by the bearish MACD while price is
going up. A current H4 close above 1.1783 will give another cloud breakout
signal.
found support there and is currently trying to close above the cloud again.
The correctly drawn Pitchfork was confirmed with the current candle
spike, thus pointing to a trendshift. If we see a close above the cloud, the
next target is the Weekly R1 at 1.1844.
If price returns inside the cloud and the channel, we may see further sideways
action or a possible Cloud twist with a bearish breakout and a test of the
lower channel. Bullish pressure is seen by the bearish MACD while price is
going up. A current H4 close above 1.1783 will give another cloud breakout
signal.