Trend is neutral on this timeframe and price is fighting to stay inside the Cloud, with a few long wicks piercing through towards the S/R level at 2.03. Bulls would like to see price close above the 2.47 level (red line) and make an attempt to breakout of the Cloud to the upside, which would involve a breaching of the Weekly pivot point too at 2.625. There are definitely strong buyers around the 2.00 dollar mark and the current retracement from the top has the shape of two waves, so we might see a new leg up coming soon.
If price breaks lower and close below the Cloud or the Weekly S1, it is likely to see an attempt to test the yet untraded longer term pivot points, that stand in a cluster around 1.50. The fact that the projected Cloud has twisted bearish is a sign that the sellers have control and any Cloud breakout attempt to the upside will be met with strong resistance.
Overall, price is threatening bearish continuation and Bulls are in need of a strong upside candle to shake off sellers and boost some momentum.
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