EURUSD: RSI Update - 1.3232 needs to hold!!!

EURUSD: RSI Update - 1.3232 needs to hold!!!

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Bob

The set up here is basically the same as what we looked at on the GBPUSD earlier today.  A pullback here that continues to close above the 1.3232 while the Relative Strength Index makes a new low down toward the 30 line would create a Positive Continuation Signal.  We would then have to wait for the trigger and possibly get long for a ride up to highs above the June 18th high around 1.3440.

A close below 1.3232 and the 1-2 Elliott Wave count I posted here would be my top count.

EURUSD 4 HR Relative Strength Index Chart

EURAUD: Relative Strength Index In A Rising Channel

EURAUD: Relative Strength Index In A Rising Channel

EURAUD is stuck between strong support at 1.4445 and resistance at 1.4604.  The pair can not seem to break below the support here and the 100 period SMA is holding it down.  A break to the upside here may be short lived as it reaches resistance and the broken trend line at around 1.4800.

The RSI is rising in a nice up channel and a break in either direction will give us some clues soon.  If the RSI break the bottom channel line then I would look for the support to break shortly after if it hasn't yet.  If the EURAUD breaks to the upside and the RSI continues to move higher within the channel then I would seriously look at a short in the 1.4800 area.

EURAUD 4 HR Relative Strength Index Chart