By: Doug Rosen
This pair continues on its way back up. It has been confined in a bit of a price trap and began its week at the bottom and continues to head up. This can go on for a few hundred pips. The weekly 5 ema is at an upward angle as though it wants to cross the 21 and 13 ema's.
Looking at the Daily the 5 ema has crossed the 13 and kissing the 21 and price has broken the 144 and 55, retraced a bit and is now bouncing off the 55 and the daily stochastics is in the trade zone pointing upward. All of this is very bullish.
On the 4 hour chart we have been riding the 5 ema all week and the 5 just crossed above the 233 yet we are nearing the monthly central pivot so we should see a small rumble around 0.8790 The 4 hour Bollinger Bands however are steeply pointing up. Looking at the hourly the 21 ema has been mostly in control and price has broken through the Weekly R1 Pivot Point. On the 15 minute chart Bollinger Bands are closed kind of tight at the moment and the ema's are braided so we will just have to wait and see what develops but I expect it to be continue to be bullish. Price is also above the daily central pivot point. The stochastics is in the trade zone pointing up so all things considered, I maintain a bullish bias for this pair.
