By: Doug Rosen
This pair is looking extremely bearish today. On the daily chart price is up against the 13 ema and is currently between the 50.0 and 61.8 Fib level of the recent drop down.
I would also like to point out that the 61.8 fib level just happens to overlap with the monthly and weekly central pivot point at around 1.3480.
At the time I am writing this analysis it appears price has already reacted to yesterday's high of 1.3450, however, I am expecting price to fib and bounce off the 15 minute 55 ema then to go up just a bit more before it begins to drop very hard.
Remember, try to time these levels with the USDCHF levels to get into a reliable, more precise entry. Be cautious while trading this pair today since it is the U.S. Non-Farm Payroll coming up in just a few hours.