By: Doug Rosen
The EUR/USD weekly candle opens just below the 5 ema and not quite touching it but very close. Price seems to have been rejected at this zone and has been falling ever since.
On the daily time frame the daily candle opens just under the 13 ema and is immediately rejected and seems to be heading down now. Currently price is below the daily 5 ema and looking very heavy.
On the 4 hour time frame price is just below the shorter term ema's and keeps making a series of lower highs and lower lows. Price is however just above the monthly M2 pivot at 1.3328 which is in the center of the price channel which could keep price from tanking down, however, I would be watching the level around 1.3255 to look for a possible long and if price was to head up to around 1.3410 I would then be watching for possible shorts.
On the hourly time frame the 5 ema has crossed below all the other ema's and pushing price downward. I will be watching for a pullback back up to the hourly 5 ema at around 1.3445 then to look at taking shorts. The weekly M2 is at 1.3330 which should cause a bounce upward offering a pullback possibly as high as the 5 ema then to tank downward.
On the 15 minute time frame price is riding smoothly below the ema's but approaching the daily M2 pivot at around 1.3330 which should cause a pullback back up to the 5 ema, possible the 13 ema which I would then be looking to take shorts.