By: Doug Rosen
In the last few days the EUR/USD has broken through an area of visual support. A retracement or retest at the scene of the break is usually expected. Price could head up to 1.3155 before continuing on to the downside. It all usually starts out with a double bottom then a higher low then you can know you are in a change of trend.
On the 4 hour time frame price is heading up but will soon meet up with the falling 21 ema which will no doubt give price a hard time getting passed it.
On the hourly time frame price has begun to make a series if higher lows and is trying to get passed the 55 ema which I believe it will.
On the 15 minute time frame price continues to fib its way up but has come into contact with the 233 ema that has caused price to fall down to the 144 ema which then caused price to bounce straight back up. I still expect some further retracement to the upside and for price to break above the 233 ema before price continues to head downward.
