By: Doug Rosen
Yesterdays bullish move for this pair, as intense as it was, now leaves price up against a layer of resistance. I look at the daily chart from two perspectives. With ema's and totally naked with no indicators. Price looks extremely bullish.
Upper Bollinger band is wide open pointing straight up with the 5 ema carrying price up, however, price is at a distance from the 5 ema so I believe the ema has to catch so most likely price will slow down until the 5 ema catches up.
The stochastic has been in the overbought zone and it is looking as though it could cross down. looking at the naked daily chart I see that price is up against the bottom of a trend line. Either price will break this line and keep rising or it will fall.
Looking at the 4 hour monthly pivot chart there are no more pivot points to stop price from heading up and all bullish conditions exist, however, the stochastic is in the overbought zone. Price is still above the 5 ema so it is a tough read at his time on the 4 hour chart as to what price may do.
Looking at the hourly weekly pivot chart stochastic is pointing straight down and the 5 and 13 ema is close together so momentum is minimal at this time. Price touched the weekly S3 at 1.4246 then bounced down and is now hovering over the M5.
Finally, on the 15 minute daily pivot chart price is in a very narrow Bollinger band in consolidation. The M3 pivot is at 1.4217 and the stochastic is nearing the overbought zone. I expect a not so volatile day today.