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
Previous EUR/USD Post (1/24): EUR/USD Might See One More Rally Before Topping
Video (1/24): A Look at the Greenback as the USD Index Retraces 61.8%
- The 1H chart in the EUR/USD shows the bearish attempt starting after yesterday's wave 5 rally.
- After the market developed a double top (its not a triple top because there were 2 rally attempts from the same base at 1.3630.
- When this base or support was broken, the market plunged, pulled back, and is now showing continuation.
- The RSI should also confirm by breaking below 40 and preferably hitting 30 and under.
- The 1.3540 and 1.3505 levels (fibonacci levels: 50% and 61.8%) are the next targets. Then let's see what kind of pullback occur after that. After the 1.3505, the 1.34 and 1.3250 levels are the next bearish targets.
Will the EUR/USD Top off and start a Bearish continuation towards 1.30? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist