By: Doug Rosen
The new week for the EUR/GBP begins with the new weekly candle just below the weekly 5 ema. This pair as been in a downtrend for the last and it opens up touching the 5 ema I think there is as a very good chance price will just keep falling. On the daily time frame price had come down off of a 50.0 fib of the last move down, overlapped with a 55 ema and the stochastics is beginning to cross down. The 5 ema has begun to cross below the 13 ema.
On the 4 hour time frame price is below the 13 ema and I am watching for price to rise up a bit and tap the 13 ema so it can make a dip.
On the 1 hour time frame the 233, 144 and 55 ema'a are in the same location as the 4 hour 13 ema and is overlapped by a 61.8 fib of the last move down at .8590.
On the 15 minute time frame the 233 ema is right at the .8590 level so based on all the confluence I am looking at the .8590 area will be a good place to watch for shorts.
