Price is gradually moving higher and is now by the 1.13 resistance and is about to close above the daily Kijun sen (white line) which is always a sign of market sentiment change, previously close above was on Jan 13. On the hourly price has tested the Daily pivot point and the shot up but has halted halfways to the R1 right at the 1.13 S/R level. As it looks now it is poised to breach this and then we are looking at the R1 at 1.20. A H4 close above that level and the Weekly R1 is within reach at 1.275. If price fails at 1.13 we might see a return to the pivot point and perhaps a test of the trendline. Only a close below the trendline will shift intraday bias to the downside. Overall, on the daily timeframe Bulls would like to see a close above 1.13 for a start but ideally above the spike high and the Weekly R1 at 1.275. Such a close would likely bring price all the way up to the Cloud on daily tf. Only a daily close below 0.97 S/R level will shift bias to the downside.
Hello, after 1.5 days moving between EMA 200 1.16 and support at 1.08 and falling volume, technically you consider that it is a positive aspect of consolidation or is it a sign of weakness that can return it to lower levels?