By: Doug Rosen
I begin my analysis for this pair starting with the daily time frame which may be bouncing up off the 61.8 fib of the recent swing up at around 1.5612 The stochastics is in the oversold zone and price is spaced away from the 5 ema and should rise up to it.
On the 4 hour time frame the stochastics is also in the oversold zone and price has been riding the ema's down until now so if price was to roll up to the upside it will have a struggle on the way up. Price is currently up against the monthly M2 at 1.5678 with the 13 and 21 ema in the same area.
On the 1 hour time frame price has bounced up off the weekly S1 pivot at 1.5634 and last week's low is just above at 1.5691 and once again ema's overlapping that level.
Finally, on the 15 minute time frame price is also just below the daily central pivot overlapped with the 144 ema so there is a lot of bearish resistance above that I have hard time to believe price will rise but I would expect it to fall, or just range. We will just have to watch this pair very carefully for breakout action.
