By: Doug Rosen
Beginning my analysis for this pair on the daily time frame it is easy to see that price has been coasting down along the daily 5 ema. Price is however approaching the 78.6 fib to the upside at 103.09 and some type of reaction should be expected at that level.
Moving on to the 4 hour time frame price has broken out of a trap to the downside. The 5 ema has crossed below the 21 and 13 ema's. At the time I am writing this analysis price is around 103.70 and the next area of support is yesterday's low at 106.64 and if price breaks that level it should be free to fall to 103.38 and if it breaks that level then it should fall to 102.16.
Moving on to the 1 hour time frame price is just below the 5 ema, however, price has been in a tight range, the bottom of the range being 103.38.
Finally, on the 15 minute time frame price is riding below the ema's to the downside fighting it out a bit at the daily S1 pivot at 103.61. Once this level is broken price should continue on to the downside.
