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 EUR/USD in the lower time-frames are subject to noise around today's Non-Farm Payroll, which came out positive, but was mainly expected. However the 1.40 level remains an important resistance.
- On the downside, a bearish scenario can be considered below 1.37 to go to 1.3550. Below that 1.3420 area is the target.
- The upside remains as previously stated. Above 1.40, we are looking at 1.4280.
- The daily shows the 1.3980/1.40 area as 78.6% retracement and declining trendline. If the market pushes higher, we are to test 1.4280.
- The Weekly chart shows 2 scenarios.
- The first is a respect of the 1.4280 high, and a completion of 3 swings in similar lengths. If the declining wedge continues, the market should then decline for an E wave to complete this consolidation that started in 2008.
- Another scenario is that we have completed a zig zag in ABC and has been developing an impulse wave with wave 3 extension. The current 5 waves up could not be impulsive because of the overlapping, but this does not rule out possible nesting. This rally sees resistance at 1.52.
- This is why 1.4280 is an even more significant resistance than the current 1.40.
Will the EUR/USD surge past 1.40 to end this or start the next week? We would love to hear what you think.
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