All the higher timeframes are bullish and to find resistance beyond the trendlines (white lines)
we have to look at the Monthly chart, were price has hit the upper band of the Cloud and
was rejected there. Slightly above current high stands the new Yearly R1 and the descending
trendline. It would be natural for price to target these levels before retracing som of the
move up. The projected Cloud is thickly bearish which adds resistance at the top of it. Next
month the upper band will be at 1.2425. The Yearly R1 sits at 1.2618, approximately by
the upper trendline. Either way, since price stands at such soilid resistance it is not the best
time to long the pair. The ideal situation would be to wait for a test of the targets above
and then a retest of the 1.2050 level, to get in at a better price. Shorting should be ok
around 1.26 och profittaking.
we have to look at the Monthly chart, were price has hit the upper band of the Cloud and
was rejected there. Slightly above current high stands the new Yearly R1 and the descending
trendline. It would be natural for price to target these levels before retracing som of the
move up. The projected Cloud is thickly bearish which adds resistance at the top of it. Next
month the upper band will be at 1.2425. The Yearly R1 sits at 1.2618, approximately by
the upper trendline. Either way, since price stands at such soilid resistance it is not the best
time to long the pair. The ideal situation would be to wait for a test of the targets above
and then a retest of the 1.2050 level, to get in at a better price. Shorting should be ok
around 1.26 och profittaking.