By: Doug Rosen
This pair begins its week more than 100 pips below the weekly 5 ema. It is expected that price will head up a bot and connect with the 5 ema before it continues to head down. It does not have to do that but more than likely price and the 5 ema will make contact again sooner or later.
On the daily time frame price is below the 5 ema but it is between the 61.8 and 78.6 fib zone with the stochastics is the oversold zone insinuating that price may want to head up a bit before it continues downward.
On the 4 hour time frame price looks like it is in a range, however, it is below the ema's so it looks more bearish than bullish.
On the 1 hour time frame I see the same thing as I do on the 4 hour, mostly consolidation and range bound conditions with price just below the ema's.
Finally, on the 15 minute time frame price looks like it is making lower highs and lower lows, however, price is still caught within a range between 104.39 and 103.50.