By: Doug Rosen
Yesterday this pair made a great dive and so early in the week is already a long distance from the weekly 5 ema.
On the daily time frame price has also ventured a ways from the 5 ema and extended its way outside the lower Bollinger band and is also sitting at strong visual support that could also be viewed as a double bottom that I expect price to snap back up at least just to make contact with the daily 5 ema.
On the 4 hour time frame price has already snapped up and touched the 5 ema and was rejected, however, I expect to the price take another crack at the 4 hour 5. Price has come very close to the Monthly S1 pivot at 1.3148 and has already bounced off the weekly S2 pivot.
On the hourly time frame the 5 ema is heading up and approaching the 13 ema, however, price is approaching the 21 ema which overlaps with the weekly M1 pivot at 1.3228 I am sure there will be sellers in that zone.
On the 15 minute time frame price seems to be trending upward and above the ema's I expect price to head up to make a fib of the drop, probably up to the 144 or 233 ema before price begins to head back down.