Intraday Analysis For EURUSD, GBPUSD, USDJPY And XAUUSD - Wednesday, June 17

EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD have made a pullback as was discussed yesterday, but it did not pull back to $1.12806 as was said. The price pulled back down to $1.12366, strong support that pushed the price up on Monday.

The entry point from yesterday did not materialize because there were no bullish price action signal.

On the resistance level, at $1.13427, we had two indecision candles that shows a fight between bulls and bears. If you take a look into H1 time frame you will see a bearish engulfing candle that was a sign of bearish power. After that candle, the price moved down.

(Click on image to enlarge)

EURUSD Chart Forecast

Uptrend support line and horizontal support line that forms confluence level at $1.12366, pushed the price up. It seems that that support level is holding and we need more bears to push the price bellow.

The price did not close on H4 below uptrend line which means trend line is still valid and bulls are holding.

After a large bearish candle, we have two indecision candles.

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GBPUSD Outlook

GBPUSD Yesterday’s chart analysis

GBPUSD did not manage to hold the price above the key support level of $1.26228. We did not see any bullish price action signal when the price reached $1.26228 so there was no entry signal.

The price falls down below $1.26228 and for now, is on the small support level. If we take a look at the D1 time frame we see bearish Pinbar. And the Pinbar is pointing down right on the strong resistance level.

(Click on image to enlarge)

GBPUSD Chart Forecast

While the price is below $1.26228 which tells me bears are stronger, and we have daily bearish Pinbar, the price could move down. We could see a pullback to $1.26228 and bearish price action signal as a confirmation that we will see price down.

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