For Traders

Analytical Reviews

Technical analysis

19.06.201918:27 Forex Analysis & Reviews: June 19, 2019 : EUR/USD maintains short-term bullish outlook above 1.1175.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for some time.

On the period between May 17th and June 5th, a bearish breakdown below 1.1175 was temporarily achieved.

As expected, further bearish decline was expected towards 1.1115 where significant bullish recovery was demonstrated bringing the EUR/USD pair back above 1.1175 demonstrating a significant bullish breakout off the depicted bearish channel.

Short-term outlook remains positive/bullish as long as bullish persistence above 1.1175 (Demand-Zone) is maintained on the H4 chart.

Although Temporary Bullish breakout above 1.1320 was initially demonstrated (suggesting a high probability bullish continuation pattern),

Recently, The EURUSD pair has failed to maintain bullish persistence above 1.1320 - 1.1290 (Neckline of the double-top pattern) followed by a quick breakdown below the next key-zone around 1.1235.

This triggered a deeper bearish pullback towards 1.1200-1.1175 where price action and possible bullish rejection scenario remains expected.

On the other hand, any bearish decline below 1.1175 opens the way directly towards 1.1115 invalidating the mentioned bullishscenario.

Trade recommendations :

Intraday traders should wait for a bullish breakout above 1.1235 as a valid BUY signal.

Initial Target levels to be located around 1.1320 and 1.1390.

Bearish breakdown below 1.1175 invalidates the current bullish scenario.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.