By: Doug Rosen
Taking a look at this pair we are obviously in a period of consolidation and we continue to be range bound.
On the daily chart the Stochastics is in the oversold zone prepping to cross upward, however, looking at the daily we are up against a trend line and the 21 ema is just above price.
On the hourly the ema's are braiding but are below price and appear to be giving it a boost upward. On the 15 Minute chart Stochastics is pointing up and in the trade zone but the Bollingers are closed and narrow but appear to be compressed so a move seems to be imminent. If I had to make a decision as to which way this pair will go tonight I thinking up. I would expect to see some bullish price action to occur around the 108.74 area and that is where I would consider taking a long and setting a stop around 108.65 area.
I would then expect price to travel up to 109.00 then stall out a bit, possibly pull back to 108.90 then back up to 109.08 If it breaks that level, it should go to 109.20 then pull back to 109.10 then i would consider conntinued upside to around 109.40 .
