By: Doug Rosen
The EUR/USD begins its week just below the 5 ema on the weekly time frame. Price will more than likely need to head up a bit to make contact with the 5 ema so that it can continue downward.
On the daily time frame price continues to ride down along the ema's and was recently rejected by the 21 ema due to the Non-Farm Payroll.
On the 4 hour time frame we are above the price channel price had formerly broke out of but I think price will make it's way back within this channels at some point soon. Price is below the 4 hour ema's.
On the hourly time frame price is also maintaining below the ema's. Price is just above the weekly central pivot point at 1.3394
I don't expect an action packed session today for this pair, last week was highly volatile and just had the NFP report on and the market will most likely need to settle itself before making any major moves. Today this pair is highly correlated with AUD/USD, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, GOLD & SILVER.