By: Doug Rosen
Starting out my analysis for this pair on the daily chart price is still riding the 5 ema up but has come into contact with the 233 ema. This of course will cause a bit of a pullback on a lower time frame but ultimately I believe price will continue on until 1.4 before it hits any major resistance.
Moving on to the 4 hour chart price has been riding the ema's to the upside. Price has broken above the monthly R3 pivot then retraced back but I think price is heading back to this and this time will break it.
Moving over to the hourly chart price is stuck between the weekly M3 and last week's high overlapped with the hourly 21 ema as well as a 38.2 Fib level and an ascending trend line not too far below I expect a bullish reaction forcing price upward.
On the 15 minute chart which I use to plot my daily pivot points I get a bearish picture since price has been riding the ema's downward but has just come into contact with the daily central pivot which may give us a bounce and some renewed bullish strength to the upside. I maintain my bullish bias for this pair today until proven otherwise, such as a break then a retest below the daily central pivot point at 1.3902.