By: Doug Rosen
USD looks stronger than ever. Looking at this pair on the weekly chart the USD looks very bullish. Continues totrid the 5 ema's, the upper Bollinger Band has opened up to let price flow out and it has broken the 55 ema already.
I expect a reaction around 0.9438 since that is the 50.0 Fib Level of the recent move down. Looking at the daily chart the upper Bollinger Band is wide open and pointing up as well and price is perfectly riding up the daily the 5 ema.
Moving over to the 4 hour chart I see that the 38.2 Fib level overlaps with the monthly and weekly R1 as well as the lower 1 hour Bollinger Band and the 144 ema.
The 0.9164 area would be an excellent area to consider a long and to correlative this support with EUR/USD resistance. Be cautious while trading this pair today since it is the U.S. Non-Farm Payroll coming up in just a few hours.