Price is at the upper Pitchfork band and is reaching for the Yearly R2, which has been
the target on the daily time frame since July.
Yearly R2 stands at 1.2090
A daily close above Weekly R1 at 1.2020 may push price further into overbought
territory. A close below that level and inside the pitchfork we may see some consolidation
before another attempt to hit the Yearly R2.
IF price hits the Yearly R2, bears may look for signals to sell on lower timeframe.
To see further upside above that level, we need a weekly close as a confirmation, but
at best with a retest of the level as support, before taking the long position. It is more
likely to see profittaking from Yearly R2.
We also have a bullish MACD cross so this may be the start of a longer leg too. How price
behaves around 1.21 will be of crucial significance for judging market sentiments.
the target on the daily time frame since July.
Yearly R2 stands at 1.2090
A daily close above Weekly R1 at 1.2020 may push price further into overbought
territory. A close below that level and inside the pitchfork we may see some consolidation
before another attempt to hit the Yearly R2.
IF price hits the Yearly R2, bears may look for signals to sell on lower timeframe.
To see further upside above that level, we need a weekly close as a confirmation, but
at best with a retest of the level as support, before taking the long position. It is more
likely to see profittaking from Yearly R2.
We also have a bullish MACD cross so this may be the start of a longer leg too. How price
behaves around 1.21 will be of crucial significance for judging market sentiments.