EURUSD – Price Targeting 1.1400

By Frano Grgić of GetKnowTrading

Friday, June 5, 2020 2:13 AM EDT

Yesterday’s Summary

The EURUSD price had only one direction and that was up. For now, nothing has stopped price reversing back and slowing down.

Yesterday the price pulled back to a support level of 1.11871 after a small bearish Pinbar formed on the chart. That Pinbar was a sign that some buyers are leaving and taking money from the market.

After the pullback, the price continued moving up through the resistance line at 1.12086 and stopped around the 1.13247 level. That level is the place where the daily trend line crosses with the horizontal line. We also had a break out from the uptrend channel which shows strength of the bulls.

Today’s EURUSD Chart Forecast

We now have again a small bearish Pinbar suggesting we could see the price pulling back down to the first level of support,1.12086.

Yesterday we had small bearish Pinbar that pushed the price back slightly before continuing to climb. Today could be more of the same.

Today is Friday and that could cause the price to move down to 1.12366. Friday is the day when traders like to get out from the market and prevent possible losses over the weekend. Doing so, they are protecting profits earned throughout the week.

EURUSD Chart – Bullish Scenario

Bulls are much stronger than bears and as it seems the price will eventually touch the 1.15000 level. But before that is possible the price will need to close above 1.14000 level.

After that level the price does not have any resistance up to 1.15000.

EURUSD Chart – Bearish Scenario

Bears are having a tough time moving the price down. Bears could find their chance at the 1.15000 level, that had proved to be a strong resistance level in the past. The last large upward rally was stopped at this level, so we may expect to have a similar scenario, again.

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

Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...

Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

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