Intraday Analysis for EURUSD, June 18, 2020

by Jun 18, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

From the indecision candles that have formed after large bearish candle that brought the price down to $1.12366, we had a bearish Pinbar right on the strong resistance level, $1.12806.

The Pinbar pushed the price down to support level at $1.12366, and for now the price is waiting. We have another indecision candles, but now we have bullish Pinbar on the support level and one important thing is that we have break down through uptrend channel.

Yesterday I have said that I am bullish, but I am not convinced. For now, the statement I am not convinced holds because we had a bearish Pinbar that pushed the price down. Now we have indecision candles right on the support level.

EURUSD Daily Forecast 18_06_2020

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EURUSD Chart Forecast

While we are on the upper side of the $1.11871 I am bullish, so for now I am looking for a signal to buy the pair.The current bullish Pinbar is not a good signal because we have the price out from the uptrend channel and we have bearish Pinbar that formed on the strong confluence resistance level.

As it looks like we could have a Head and Shoulders pattern that is pointing down. Weekly Pinbar that is pointing down.

Too many signals are pointing down against bullish Pinbar. What we can do with the Pinbar is the following.

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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.


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