By: Doug Rosen
For this pair nothing much has changed in the way of the weekly chart so I will skip over to the daily. This pair still looks bullish and has continued to ride the 5 ema downward but the ema's are beginning to catch up with each other and there appears to be less angle and separation between the ema's which indicates that price is slowing and the move is weakening based on the daily price action. Also, the Stochastics is in the oversold zone with a cross beginning to develop. Price is also just below the monthly S2 as well as just below the 4 hour 21 ema but just above the 5 and 13 ema's which indicates there will be a struggle. A break above 1.5820 will probably boost price upward throughout the session. Looking at the 1 hour chart the 5 ema has crossed the 13 as well as the 21 and 55 giving price a boost upwards. The 1 hour Stochastics is also in the oversold zone crossing up and out. Price is above the daily central pivot point and on the 15 minute chart we are beginning to ride the 5 ema upward. The upper Bollinger Band is pointing up ward yet the Stochastic is in the overbought zone. I think price will pull back a bit causing the stochastic to recycle its way down to the oversold zone and at that point price should be all prepped to head back up. All in all, I have a bullish bias for this pair for today.