By: Doug Rosen
This pair starts its new week off with the weekly candle spaced below the weekly 5 ema. I expect price to rise up and meet with the weekly 5 ema. Price is also just above visual support on this time frame this may help price head up to the weekly 5 ema.
On the daily time frame price is in the zone between the 61.8 and 78.6 fib zone to the upside. The daily 21 ema coincides with the weekly 5 ema. The fib zone we are in may be what is needed to send weekly price up to the weekly 5 ema so that price may continue its way to the downside.
On the 4 hour time frame price is back to the breakout point from Friday's price trap. This area is also the monthly M2 pivot at 1.3501 On the hourly time frame price is sitting on a 61.8 fib of the recent swing up.
A consolidation range may be developing since price is at a fib to the downside on the 4 hour time frame and at a fib to the upside on the 1 hour time frame so this could constitute consolidation until price figures out what it wants to do.
On the 15 minute time frame price is below the ema's and looks kind of bearish but it is a little too early to tell. We will just need to rely on the analysis we have at this time and keep an eye on price action. At this time I just see consolidation.