You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for EUR/USD for June 12, 2017
Intraday technical levels and trading recommendations for EUR/USD for June 12, 2017
June 12, 2017 12:47 pmVideo
Latest News
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
Daily Outlook
In January 2017, the previous downtrend was reversed when a Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
The next daily supply level to meet the EUR/USD pair is located between (1.1400-1.1520) where price action should be watched for possible bearish rejection.
Recent Update: The price levels around 1.1270-1.1285 constitute Intraday resistance where some bearish pullback is being expressed.
Bullish breakout above 1.1285 is needed to allow further bullish advance towards 1.1400.
H4 Outlook
By the end of last week, significant bullish rejection was expressed around the price level of 1.1170 (Lower Limit of the wedge pattern in confluence with 61.8% Fibonacci Level ).
The nearest Supply level to meet the pair is located around 1.1280 (The upper limit of the wedge pattern) provided that the EUR/USD pair succeed to extend above 1.1225 (recent resistance level).
On the other hand, bearish fixation below 1.1170 enhances further bearish decline towards 1.1110 and 1.1070.
Trade recommendations:
The EUR/USD pair remains bullish initially towards 1.1400 unless evident signs of bearish rejection are expressed earlier around 1.1280. This hinders further bullish advance towards our mentioned entry level.
A valid SELL Entry can be considered at the depicted supply zone (1.1400 up to 1.1520). S/L should be placed above 1.1550 while T/P levels should be placed at 1.1100, 1.1020 and 1.0850.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: