By: Doug Rosen
The new week starts off with the weekly candle above the 5 ema and a space in between the weekly candle and the 5 ema exists. Price and the 5 ema will need to make contact with each other sooner or later. Price is currently in between the 38.2 and 50.0 Fib zone of the last move down so forces may exist that will push price down to the 5 ema.
On the daily time frame price has been gliding up the ema's and I see visual resistance at .9314 which was last month's high and could be the zone that may send this pair down to meet up with the weekly 5 ema.
Meanwhile, on the 4 hour time frame price is continuing upside making fibs along the way and the last fib this pair made was a 50.0 fib to the upside which overlapped with the 4 hour 55 ema at around .9098.
On the 1 hour time frame price looks like it has made a fib to the downside so a fib to the upside on the 4 hour and a fib to the downside on a 1 hour could constitute range bound price action for this pair.
