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 did indeed respect the 1.3860 level. In fact it missed it at 1.3855.
- Nonetheless we see ranging action developing in the 1H chart between 1.3860 and 1.3780 in the 1H chart.
- The bullish scenario remains if the market can break above the 1.3860 clip. We would then be looking at a rally to 1.3980, 1.4280 (as seen in the daily chart below).
- However, ahead of Friday's NFP, the EUR/USD might range further. A break below the 1.3780 support is a bearish signal (completion of a double top) in the very short term targeting 1.37 again (38.2% retracement, and pivot as seen in the 4H chart).
- If the market breaks below 1.37, the bearish scenario opens up towards 1.3540 and then the 1.3430/1.34 pivot area
Will the EUR/USD respect the highs from last week, and February? We would love to hear what you think.
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