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
Previous post (1/28): EUR/USD - Topping at 1.3755? 1.3540 Holds Key Support
- We still need to break below the 1.3540 support for a target to 1.34, then 1.3250 for this and next week.
- The current pullback tells us the bullish energy is still there, as the 4H RSI remains above 40, and the 1H RSI was able to break back above 60, even though it showed bearish strength by breaking below 30.
- It is possible that the market will need a few twist and turns before the anticipated downswing.
- However, we have to monitor the current pullback. It is about to break above 78.6%.
- It is possible the market will develop a double top type formation.
- The upside has potential to extend towards 1.3820 if the market breaks above 1.3755. The downside requires breaking below the current support at 1.3570. Then this should become resistance for a subsequent rally if the market is to have topped off. Also, we should see the RSI in the 4H chart finally break below 40. The inability to do so suggests there is not enough bearish momentum, and there is still further bullish energy to resolve before a downswing can open up.
Has the EUR/USD completed its correction rally, and onto a large downswing? We would love to hear what you think.
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Fan Yang CMT