Intraday Analysis For EUR/USD - Tuesday, June 23

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Jun 23, 2020 at 4:22 AM EDT

The price have made small bullish Pinbar on the strong support at $1.11871 and breakout from the falling wedge pattern.

EUR/USD Outlook

EUR/USD Yesterday’s chart analysis

If you have received my yesterday’s analysis, then you have seen that the EUR/USD 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.

A breakout below wedge pattern would confirmed the 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.

EUR/USD Chart Forecast

After the 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 a very good profit target.

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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