Price is testing the lower wedge floor and possibly the
Weekly pivot point which stands at 1.0666. 1.0646 is
the current upper Kumo Cloud, which may also support
if price attempts to break the wedge. The general idea is
that price will look to trade the Yearly pivot point at
1.0830 level before any serious bearish development
takes place. But if the wedge is broken we may see a
deeper move down. General plan is to look for a long trade
by the current levels after a buying signal, with target at
the Yearly PP at 1.0830.
Weekly pivot point which stands at 1.0666. 1.0646 is
the current upper Kumo Cloud, which may also support
if price attempts to break the wedge. The general idea is
that price will look to trade the Yearly pivot point at
1.0830 level before any serious bearish development
takes place. But if the wedge is broken we may see a
deeper move down. General plan is to look for a long trade
by the current levels after a buying signal, with target at
the Yearly PP at 1.0830.
