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 failed to break above 1.63, failing to even test it, topping at 1.6280.
- The decline from there started with a double top seen in the right part of the 1H Chart.
- Now near we have cracked 1.61, and another double top is formed. A pullback should not go above 1.6180 if the market is to confirm the bearish intent. The upside to 1.65 opens up if 1.63 is cracked, but we are in a very short-term bearish attempt, that can extend into the short medium term (1 week or 2).
- The RSI in the 4H chart should also break below 40, or the market still has bullish momentum.
- Below 1.61, the 1.5950-1.5960 area is an important support pivot, where the market can rally again to test our highs near 1.63. Below that we can target 1.5750 or 1.57.
Will the larger double top be complete next week? We would love to hear what you think.
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