The pair has failed to create upward momentum after the trendline
break, and is currently retesting the breakout level (225) and the
Monthly pivot point. It looks like it is gravitating towards the new
Yearly pivot point just above 210. Bulls would not like to see a
taking out and close below the Dec 30 low at 200 sharp but
would be okay with a test of the yearly pivot point with a
strong rejection. Price needs to find support and break back above
the Cloud and the new lower high at 260.25 to shift bias from
neutral to bullish.
Overall Price is moving inside a Triangle pattern and needs to
breakout of it, to release built up energy and make a move.
break, and is currently retesting the breakout level (225) and the
Monthly pivot point. It looks like it is gravitating towards the new
Yearly pivot point just above 210. Bulls would not like to see a
taking out and close below the Dec 30 low at 200 sharp but
would be okay with a test of the yearly pivot point with a
strong rejection. Price needs to find support and break back above
the Cloud and the new lower high at 260.25 to shift bias from
neutral to bullish.
Overall Price is moving inside a Triangle pattern and needs to
breakout of it, to release built up energy and make a move.