Price found support Sep 7 at the Monthly S1 and has since
recovered strongly, piercing the Weekly R1 at 1,5350, which
was retested for support after which a new leg up has been
formed. Current long wicks hint of sellers stepping in but chances
are that price will test the Monthly PP at 1,55, which is in confluence
with the upper Cloud resistance and also the 61,8 fib of the
CD leg and the Daily R1,
A close above the cloud may signal more upside, targeting
Weekly R2 at 1,5530 and ultimately 1,5590, the D level of the
ABCD pattern.
Support: Daily PP 1,5420/ previous top 1,54/ Daily S1 & Weekly R1
1,5350-60
recovered strongly, piercing the Weekly R1 at 1,5350, which
was retested for support after which a new leg up has been
formed. Current long wicks hint of sellers stepping in but chances
are that price will test the Monthly PP at 1,55, which is in confluence
with the upper Cloud resistance and also the 61,8 fib of the
CD leg and the Daily R1,
A close above the cloud may signal more upside, targeting
Weekly R2 at 1,5530 and ultimately 1,5590, the D level of the
ABCD pattern.
Support: Daily PP 1,5420/ previous top 1,54/ Daily S1 & Weekly R1
1,5350-60