By: Doug Rosen
I already have a bearish bias on the EUR which means I am bullish on the EUR/USD. Starting out with the weekly chart I see we are lifting off from the 50.0 fib level of the move up. Price has recently bounced off the lower Bollinger Band and the stochastics is in the oversold zone crossing up. Moving onward to the daily chart I see we are up against a descending trend line, however, the 5 ema is trolling over tot he upside and prepping to cross above the 13 ema, the lower Bollinger Band is pointing up and the stochastics has risen out of the oversold zone and is pointing up. I get this feeling price is going to break through the trend line and head to around 1.3680 area.
Zooming into the 4 hour chart I can see price is trying to break above the monthly central pivot point and price is riding the 5 ema and the upper Bollinger Band is open and pointing to the upside.
Moving over to the hourly chart I see that price is riding the 5 ema upward and the 5 has recently crossed above the other ema's and the upper Bollinger Band is open and pointing upward. Next level of contention would be the previous weeks high at around 1.3525. Finally, looking at the 15 minute chart I see that price has been gracefully riding the 5 ema to the upside with the 13 ema backing the 5 ema up. So, for this pair look for opportunities to go long. Look for price to pullback to a fib level or an ema then take a long and set a tight stop. Keep an eye on the 15 minute 21 ema around 1.3460 to possibly take a long.