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 has paused after hitting 1.3720. and is in a 2nd downswing. The 1H chart shows the market after a sharp rally from 1.3550, which brought the RSI above 70 and showed bullish momentum breakout.
- Now, if the RSI remains above 40, and returns back above 60, a bullish continuation is suggested.
- However, if the market declines back below 1.3610, 61.8% retracement of this latest upswing, and breaks below the previous high, at 1.3620, we could be in a decline.
- The 4H chart shows the market pausing at 1.3720, near the 61.8% retracement of the decline that started at the end of January from 1.3860 area down to 1.3430.
- The market can rally towards 1.3770, 78.6% retracement seen in the 4H chart, if the current decline is thwarted before 1.3610 and the market rallies back above 1.3720. A break below 1.3610 has a very short-term target of 1.3540. That needs to break to re-open the bearish scenario towards 1.3250.
Is EUR/USD in an uptrend, or still consolidating? We would love to hear what you think.