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 continued higher, breaking above the 1.3755 high from last week. This opens up the 4H positive reversal target towards the 1.3820 area.
- Note that this is also the extended retracement level between 138.2% and 150%. A swing projection targets 1.3830.
- There is still further upside risk, especially if the market holds above 1.3730. In the daily chart, the 78.6% fibonacci retracement level is at 1.3975 and would be the next target above the the 1.3830 clip.
- The bearish outlook remains unlikely until a break below 1.3540, below which 1.34, then 1.3250 area the next targets.
Will the EUR/USD top off, or continue towards 1.3975? We would love to hear what you think.
Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist