EUR/USD Forex Technical Analysis for June 17, 2016


EUR/USD Forex Technical Analysis for June 17, 2016

Technical Analysis – The EUR/USD pair fell significantly during the course of the day on Thursday, but turned right back around to warm a massive hammer. Because of this, I believe that the volatility is going to continue in this market, and that it’s going to be difficult to hang onto any trade for any real length of time. Because of this, short-term opportunities may present themselves but quite frankly this is a pair that I don’t have a whole lot of interest in putting money into at the moment as the EU referendum certainly has taken center stage.

In Other View Point (Technical Analysis) – EURUSD

Pivot: 1.1215 Most Likely Scenario: long positions above 1.1215 with targets @ 1.1300 & 1.1320 in extension. Alternative scenario: below 1.1215 look for further downside with 1.1185 & 1.1160 as targets. Comment: the RSI shows upside momentum.

Technical Analysis

In other view (Technical Analysis) – EURUSD: Focus now return to the 1.1300 level

Long lower wick on the daily chart seen supportive of strong bounce from the 1.1131 low yesterday. Focus now return to the 1.1300 level and clearance here and the 1.1321 resistance will expose the 1.1416 high to retest. Support now at the 1.1200 level and 1.1189 lows. [PL]

Rebound from the .9572 low to break the .9679 saw upside checked at .9687 high. Would need to clear this and the .9719 resistance to trigger stronger recovery. Support now at the .9600 level ahead of the .9578/72 lows. Failure to hold the latter will expose the .9500 level and .9444 low to retest. [PL]

Edged higher in consolidation from the 103.55 low though the upside seen limited and regaining the 105.00 level needed to clear the way for stronger recovery to the 105.55, May low. Below the 104.00 level will expose the 103.55 low to retest and see risk for further bear extension. [PL]

Choppy ranging action see a possible low in place at the 1.0777. Nearby see resistance at the 1.0886 and 1.0900 level and lift over this will expose the 200-day MA at 1.0927 to retest. Failure to hold the 1.0800 level will expose 1.0777 low to retest and see scope to 1.0756/37, Nov low. [PL]

Strong rebound from yesterday’s low of 1.4013 in the appearance of a Dragonfly-doji and bull-divergence on daily Stochastic are keeping intraday trade on a firm undertone and eyeing next hurdle at 1.4333 and break will signal more potential on the upside. [W.T]

Rejection from the .7995 see a long upper wick weighing and break the .7900 level and .7879 support see risk for deeper pullback to retrace the up-leg from .7573/65 lows. Lower will see scope to .7807 then the .7753 support. Resistance now at .7947 ahead of .7986/95 highs. [PL]