By: Doug Rosen
When looking at the weekly time frame for this pair it appears that price has bounced above from support.
On the daily time frame price is in the zone between the 61.8 and 78.6 fib zone to the upside and the stochastics is in the oversold zone.
On the 4 hour time frame price appears to have double bottomed and bounced and where it goes from here I don't know, I can only guess upward based on my analysis of this pairs exact opposite the Swissy. The 4 hour ema's are bunched together indicating very low volatility and the Bollinger bands are narrow. Price is currently hovering just on the monthly M2 Pivot as well as the weekly M2 pivot and above the daily central pivot point.
On the hourly time frame all the ema's are all bunched up as well and the Bollinger bands are looking tight and narrow.
Finally, on the 15 minute time frame price is just above the 5, 13 and 21 ema's but just below the 144 and 233 ema's. At this point based on my analysis price can go either way but I would lean towards bullish maybe just for today, after all, on the weekly time frame price still needs to rise up and connect with the weekly 5 ema for price to continue to drop further downside.