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 started the week breaking below the 1.35 support, but since support at 1.3430, the market has rallied back above the 1.35 pivot, and now testing the 1.3550 resistance area and 38.2% retracement level.
- This pullback's structure it not very clear, but it is possible that it is in a second corrective swing.
- Looking at the 4H chart, we see that the current rally has been very laborious, suggesting it is merely a pullback.
- However, this pullback has the potential to rally to 1.3680 to test the declining trendline and 78.6% retracement of the latest downswing.
- A break above 1.3680 suggests a rally back to test the 1.3860 area.
- First however, let's see if there is a decline from 1.3550. The target for this decline should be 1.3430, because there could still be further consolidation.
- After a break below 1.34, we should consider 1.3250.
Could the EUR/USD push for another swing to test 1.3860 and break above? We would love to hear what you think.