By: Doug Rosen
Today on the weekly time frame the EUR/GBP reached an area of visual support and bounced up. This bounce looks precise right down to the pip and just a bit below is the 233 ema which is sure to get a reaction if price falls further down to it.
On the daily time frame price looks like it may soon be ready to retrace a bit since it is extended outside the Bollinger band and spaced away from the 5 ema with a stochastic is the oversold zone I expect price to soon snap back up at least to make a swing fib back up maybe to the 13 or 21 ema's.
On the 4 hour time frame price has been successively fibbing its way down and making contact with an ema and tanking each time. Now price has reached the Monthly S2 reversal pivot point at .8389 and price could start heading back up a bit, possible to the 55 ema.
On the hourly time frame I can see price came close to the weekly S3 then headed back up and has gone from below the 21 ema to above it but approaching the 55 ema so I think the 55 will send price downward. If price crosses above the 55 then i will expect it to head to the 144 ema then dive.
Finally, on the 15 minute time frame price has begun to head up a bit and has crossed above the ema's but still below the 233 ema which is not too much further above the daily R1 Pivot at .8419 will surely push price down some and there could be opportunities to take longs. Careful today, there is a ton of news coming out today.