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Forex Analysis:::2019-06-13

Trading plan for EURUSD for June 13, 2019


Technical outlook:

We have presented the daily chart for EURUSD again to have a bigger picture. There are 4 reasons to believe that EURUSD might continue to drop lower. First, the wave counts suggest that EURUSD might have terminated into Wave 4 of an ending diagonal at 1.1347 levels. The 5th wave could resume lower. Secondly, the bears reacted right around its resistance trend line, which also suggests that the next move could be lower. Thirdly, Fibonacci 0.618 confluence of Wave 3, was also seen around the same zone as 1.1347 levels, which was expected to produce a bearish reaction. Fourth, a bearish evening star candlestick pattern has been produced on the daily chart, which indicates a potential turn lower. To sum up, we would await the bearish potential and remain short against 1.1350 levels for now. If prices fail to penetrate below 1.1200 levels, we shall reevaluate. Keep booking small profit though.

Trading plan:

Remain short, stop above 1.1350 levels, target is lower.

Good luck!

Oscar Ton
Analyst InstaForex
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