Price has started to correct the oversold situation (Bearish breakout in a
bullish cloud). There is a strong Fib confluence support at 106.50. Currently
price is back and testing the Monthly S1 (and lower Cloud)
from below. (108.47/108.72). If this resistance zone is breached
and price re-enters the cloud we may se a further towards the upper
cloud and the 38,2 fib (and Monthly R1. If price is rejected by the cloud
we may see either consolidation (for a twist of the projected cloud) or a drop
towards current lows and the Fib confluence level, the latter should make
a solid support na d a good level to take profit and/or re-enter long.
bullish cloud). There is a strong Fib confluence support at 106.50. Currently
price is back and testing the Monthly S1 (and lower Cloud)
from below. (108.47/108.72). If this resistance zone is breached
and price re-enters the cloud we may se a further towards the upper
cloud and the 38,2 fib (and Monthly R1. If price is rejected by the cloud
we may see either consolidation (for a twist of the projected cloud) or a drop
towards current lows and the Fib confluence level, the latter should make
a solid support na d a good level to take profit and/or re-enter long.