Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The bearish intent is confirmed, at least in the very short-term, as the 1H RSI remained below 60, and has returned back below 40 and tagging 30.
- The RSI in the 4H chart also shows a failure to sustain a break above 60, and a return below 40, all signs of bearish continuation.
- Before the 0.8340 swing projection as well as support seen in the 4H chart is reached, we need to test and break the 0.8388 support which was established on 2/7.
- Below this 0.8360/0.8340 target, is a swing projection of a higher degree seen in the daily chart to 0.8250.
- Before this 0.8250 pivot is reached, there is another minor pivot to monitor just in case, at 0.8284, which is the support established on Feb. 10.
Will the EUR/GBP continue to expand, making a low below the 0.8284 low from Jan. 10? We would love to hear your opinion.
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Fan Yang CMT
Chief Technical Strategist