By: Doug Rosen
No matter how I look at this pair, I can't think of anything but bearish. On both the weekly and daily time frames price is clearly below the ema's and on the daily time frame price has been very gracefully riding down along the ema's. The lower Bollinger band on the daily time frame is open and somewhat pointing down.
On the 4 hour time frame the 5 ema has crossed below the 13 and 21 a very bearish indication and price is riding below the 5 ema. On the way to the downside there are no monthly pivot points in the way of price before the monthly M2 ar 1.3501 which is currently 100 pips down from where price is at this time. I would like to see the 4 hour Bollinger open up however, it is currently closed.
On the hourly time frame, just as all the previous ones I mentioned, price continues to look extremely bearish. Price has been very gracefully riding down the 5 ema with the 13 stepping in when the 5 is breached and at the time i am writing my analysis for this pair price is coming up to the weekly M2 at 1.3618 which is overlapped with the 5 ema and I expect that price will not breach this level. As with the 4 hour time frame, the lower Bollinger band has not yet opened and it needs to open for price to drop.
Finally, I can see on the 15 minute time frame that price has touched the 21 ema and the 21 ema has been respected since yesterday and barely breached. Yesterday's low was at 1.3591 and I expect that when price breaks that level price will keep heading down without much of a fight before 1.3546 which is the daily S1 pivot.