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 broke below 1.3610, then slid to the next support area near 1.3540. A pullback could be anticipated from here. If this rally was not so sharp, and did not break back above 1.3650, a bearish trend would be developing.
- However this pullback is sharp and is now threatening to continue the bullish mode.
- The momentum seen in the 1H RSI shows that there was a bearish momentum breakout yesterday, but now the RSI is testing 60 and threatening to kill the bearish momentum.
- The 4H RSI shows an inability to break below 40, and the momentum still has a slight bullish bias.
- If the market however can clear 1.3720, a rally towards 1.3770 could be a final blow off. However a rally higher than that can reach the 1.3860 high from 2/2.
Is this pullback a sign of bullish continuation? We would love to hear what you think.
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