By: Doug Rosen
In yesterday's analysis I had forecasted that there was a lot of support in various forms at around.8518 and more than likely price would reach that level and bounce. Well I was slightly off, price went beyond .8518 and all the way down to .8495 then it made its bounce and went straight up and closed at .8533
Today on the daily time frame price is still outside the price trap and is below the daily 5 ema which is pointing down and I expect this pair to continue downside. The 5 ema should continue to fall forcing price down until the 5 ema crosses below the support zone I mentioned yesterday at around .8518
On the 4 hour time frame price is currently below the 13 ema and is trending down, however, the 5 ema has rolled over to the upside but has not even touched the 13 ema as of yet.
On the hourly time frame price is still below the 55 ema and seems to fall every time it gets close to it. The 5 , 13 and 21 ema's are very close to each other so not much happening at this time. We have lots of news today that will affect this pair so surely the volatility will increase.
On the 15 minute time frame price is below the 233 ema but floating around the 144 ema. On a technical level, I am bearish for this pair but we have a lot of news hitting the market later so anything can happen.
