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 may have completed a correction rally. The structure would be a double 3 wave correction.
- The RSI did poke above 60, but there was a quick throwback, and if it breaks below 40 it should reflect bearish continuation.
- Market action is breaking below the rising channel, and should then target 1.3430.
- The 4H chart shows the candle leading into the US session to be a very convincing bearish attempt. The pullback being very minor would confirm the head and shoulder. The market should now accelerate lower.
- Let's see now if the market can swing below 1.34, and to 1.3250 as I have continued to anticipate.
- As we start the US session, make sure this bearish engulfing candle in the 4H chart does not get retraced 61.8%, or else further correction might need to be resolved.
Is the pullback complete? Where will the next downswing take the EUR/USD? We would love to hear what you think.
Fan Yang CMT
Chief Technical Strategist