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12.06.201917:07 Forex Analysis & Reviews: Technical analysis of EURUSD for June 13, 2019

Long-term review

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EURUSD is not making any important move this far today. Price is consolidating near its recent highs above 1.1320. Trend remains bullish and longer-term target is at 1.17, the start of the falling wedge, as long as price holds above 1.1250.

Red lines - bullish wedge pattern

Green rectangle -support area

EURUSD has broken the downward sloping wedge pattern. Price could back test once again the breakout area around 1.1250 but bulls do not want to see a weekly close below 1.1250. Bulls want to see price consolidate and move higher or make a higher low around 1.1250-1.1270 before resuming higher. There are no bearish divergence signals in the Daily chart but only in the 4 hour. So we could see some weakness and a shallow pull back until Friday.

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