Intraday Analysis for EURUSD, June 23, 2020

by Jun 23, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

If you have received my yesterday’s analysis as a G-Trader member, then you have seen that the EURUSD pair have done what was predicted.

The price have made small bullish Pinbar on the strong support at $1.11871 and breakout from the falling wedge pattern. Another point that was clearly stated is that we should wait Monday for the clear signal where the market could go.

Breakout below wedge pattern would confirm head and shoulders pattern, but it did not materialize. The price did what wedge pattern was pointing on. The price breakout above and continued moving up.

EURUSD Daily Forecast 23_06_2020

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EURUSD Chart Forecast

After breakout, the price reached first resistance at $1.12806 and made a pullback. After the pullback  the price made a bullish Pinbar right on the wedge pattern resistance line and that confirms further move up.

The next thing the price needs to do is to close above $1.13427 to open the road to $1.14000 and $1.15000.

With the nice breakout we can play this scenario with very good profit target.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

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

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The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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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