If price close above the current high chances are good for a continued move
higher. Next resistance is the Monthly R2 at 1.2225 and above that the previous
support (white line) around 1.2350. On the Monthly timeframe trend has turned
neutral as price is advancing inside the Cloud. Upper Cloud resistance on the
Monthly is at 1.25. If price returns and close below previous high at 1.2137, for a
false breakout, support below is just above 1.19. Though a close above the red
horizontal S/R level but below forementioned high, would be one of indecision.
As of now, the breakout looks to hold. Note the bullish MACD cross, which may
higher. Next resistance is the Monthly R2 at 1.2225 and above that the previous
support (white line) around 1.2350. On the Monthly timeframe trend has turned
neutral as price is advancing inside the Cloud. Upper Cloud resistance on the
Monthly is at 1.25. If price returns and close below previous high at 1.2137, for a
false breakout, support below is just above 1.19. Though a close above the red
horizontal S/R level but below forementioned high, would be one of indecision.
As of now, the breakout looks to hold. Note the bullish MACD cross, which may