By: Doug Rosen
Starting out with the daily chart for this pair it is clear that we have broken out of the descending trend line we were under and price has already broken through the 233 ema and is poking through the 144 ema. The upper Bollinger band is wide open and pointing straight up as is the 5 ema and the stochastic is in the overbought zone pointing up which means that price just wants to keep rising.
I must point out however, that price is approaching the 61.8 fib level of the last major move down so there is a chance we could have reactions around the 1.4013 area.
Moving on to the 4 hour chart which is also my monthly pivot chart price has finally broken out beyond the R3 pivot at 1.3929 with the upper Bollinger band open and pointing up and price is riding the 5 ema up.
Since price is gapped a bit from the 5 ema I expect it to retrace back a bit to make contact with the 5 ema before continuing much higher.
On to the hourly chart also the weekly pivot chart price has broken above R1 at 1.3985 and heading up. Price is riding the 5 ema, upper Bollinger band is open and pointing up. Price is gapped away from the 5 so it needs to slow down a bit and give the 5 a chance to catch up to keep pushing price upward.
Finally, on the 15 minute chart which is my daily pivot chart price has breached the R1 as well at 1.3986, riding the 5 ema up with a wide open upper Bollinger band pointing up. Price continues to look extremely bullish for this pair. I expect this pair to continue upward.