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 with a push to 1.37, but failed to even touch it before bouncing from 1.3710.
- The market is now cracking last week's high of 1.3837. The market might respect this resistance in the US session, and if it does, it would be creating a range between 1.3837 and 1.3710.
- Above the 1.3837 resistance, the market sees the February high at 1.3860. If this resistance is cracked, and the RSI in the 4H chart also rallies above the previous high, we have a strong bullish continuation signal towards 1.3980/1.40 then 1.4280 (as seen in the daily chart).
- The downside opens up below 1.37. The first target below that would be 1.3550, then 1.34/1.3425. We should also watch the 1.3650 cluster of fibonacci levels too.
Will the EUR/USD respect the highs from last week, and February? We would love to hear what you think.
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