By: Doug Rosen
The new week begins with price opening up way below the 5 ema and price made a rather large gap over the weekend, I expect after the gap fills price could head up a bit until weekly price makes contact with the weekly 5 ema. Moving on to the daily time frame price appears to be riding the 5 ema down. I see what will be strong support at around 1.3156 If price falls to that area for sure there will be a bounce. Price is also in the oversold zone of the daily stochastics.
On the 4 hour time frame price has made a 61.8 fib around 1.3335 which overlaps with the 21 ema so this should keep price heading downward for now.
On the hourly time frame I can see price has bounced off the 55 ema which is nearly overlapped with last week's central pivot.
On the 15 minute time frame price poked the 233 ema then fell, made a 61.8 fib then dropped. Now it is approaching the 55 ema so we will see what happens. All in all, this pair has a bearish look to me.
