By: Doug Rosen
I begin my analysis on the EUR/USD today starting out with the daily time frame. Price opened up precisely on the 5 ema and price seems to be rising a bit. Most of the time I have found that when price moved beyond the 5 ema it is usually forced back down by the 13 ema. It wouldn't be totally out of the question for price to head up to the daily 13 ema before it keeps heading down and of course on the weekly timeframe the 5 ema is spaced about price so a trip to the upside could occur.
Moving on to the 4 hour timeframe price is in the center of a price channel, however, price has just made a fib to the upside and is above the 13 and 21 ema's.
Moving on to the hourly timeframe price is approaching the 144 ema which I always expect to hold up as resistance at least the first time around offering a pullback then long opportunity or for price to double top and then start to head down. Finally, on the 15 minute timeframe price has rolled over to below the 5 ema which can either trigger a fib to go bullish on this pair or price may start to reverse and head back down.
I would watch for price to fall down to around 1.3335 which is the weekly central pivot and not far from the daily central pivot at 1.3329 then for a bounce and signs that price may be heading back up.