Price has entered the neutral zone within the Kumo Cloud after failing
to close above the Monthly Pivot Point at 0.8590 which is also the
upper band of the Kumo Cloud. It seems likely that price now is gravitating
towards the yet untraded Yearly Pivot Point. The strong support level
is comprised of previous previous low from Dec 2016, The Monthly S1 and
the Yearly PP around 0.8350-70. A close below the yearly PP will open up
for a move down towards the 0.81 level, marked with the lower Kumo Cloud
band and the Apr 2016 top. A move lower, view from the Monthly Timeframe
would still be considered as a retracement in an upward bullish enviroment.
to close above the Monthly Pivot Point at 0.8590 which is also the
upper band of the Kumo Cloud. It seems likely that price now is gravitating
towards the yet untraded Yearly Pivot Point. The strong support level
is comprised of previous previous low from Dec 2016, The Monthly S1 and
the Yearly PP around 0.8350-70. A close below the yearly PP will open up
for a move down towards the 0.81 level, marked with the lower Kumo Cloud
band and the Apr 2016 top. A move lower, view from the Monthly Timeframe
would still be considered as a retracement in an upward bullish enviroment.