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 tested the 61.8% retracement level at 1.3630 and respected it by providing 2 bearish 4H candles that basically signaled a bearish continuation.
- This is an early signal, and the pivot at 1.3535 area is the current near-term support. The 1.35 area will be that psychological support as well as the rising trendline seen in the 4H chart.
- A break below that eyes the 1.3430. A break below 1.3400 targets 1.3250.
- For a longer term perspective, the daily chart shows the upside risk to 1.3980, declining trendline and 78.6% retracement. A swing projection targets 1.26 in the next couple of months.
Will the bearish momentum resume? We would love to hear what you think.