GKT - EURUSD Daily Chart Analysis

Bullish Pinbar that has appeared on the pullback after breaking channel trend line tells us that the price could find its way up.

Pinbar in this case acts as a confirmation of a break out, where the price could continue further up. In this case it is best to wait for the next candle to form and show us the current strength of the bulls.

From this points where the price is right now we should wait for bulls if they can manage to break weekly trend line reach resistance at 1.11871. If the can do that we could see price making pullback to weekly trend line and moving further up to 1.12321 level.
Bears have more job to do to regain the strength they had in previous weeks. Their first strong support is at 1.10755 level which must be broken before attacking support at 1.09860.

We need to wait for clear signal and as a first signal would be breaking out from this small range area.

Price currently looks very bullish even it is right on the confluence level. If the price does not break out more up we could see moving sideways and trying reaching 1.12366 level which was strong resistance in the past.

Bulls are controlling the market for now. There are no bear strength that could mess their goal from pushing price higher.

Strong bullish candles over smaller bearish shows us that we could see price more higher. The next resistance is at 1.12806. Current bearish Pinbar could make a small pullback to 1.11871 level where it could find support for further move up.

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

Yesterday we had small bearish Pinbar that pushed the price back slightly before moving up. Today could be the same case.

Today is Friday that could cause price moving more down to 1.12366. Friday is the day when traders like to get out from the market and prevent possible loss over the weekend. Doing that, they are protecting profit earned through week.
EURUSD Daily Forecast 05_06_2020

EURUSD Outlook
The price have stopped on the strong support level and on the uptrend line support. This level could hold the price for a while. As it looks like we have large Pinbar on the weekly W1 time frame suggesting move down.

GBPUSD Outlook
While the price have stopped on the strong support level at $1.24733 we see a pullback. Pullback have done its way to the first small resistance at $1.25356. We see the price moving higher and making bearish price action signal.

USDJPY Outlook
While we are strongly in bearish sentiment that has started last week we should look for sell opportunities.
Strong H4 bearish Pinbar is a nice signal so we could wait for small pullback from 107.00 level. If the price manage to close below 106.00 level we could see further drop down to 105.55.
USDJPY daily analysis_15062020
XAUUSD Outlook
The price have stopped in the indecision area and it has gone out from the uptrend channel. This is signal that the have lost its momentum and it will need strong buyer push to get back inside channel and to continue moving up.
XAUUSD daily analysis_15062020

EURUSD Outlook
From the indecision candles that have formed after large bearish candle that brought the price down to $1.12366, we had a bearish Pinbar right on the strong resistance level, $1.12806.

The Pinbar pushed the price down to support level at $1.12366, and for now the price is waiting. We have another indecision candles, but now we have bullish Pinbar on the support level and one important thing is that we have break down through uptrend channel.

Yesterday I have said that I am bullish, but I am not convinced. For now, the statement I am not convinced holds because we had a bearish Pinbar that pushed the price down. Now we have indecision candles right on the support level.

EURUSD Outlook
EURUSD has fall down to $1.11871 support and it did not make a move to the upper side. The two H4 Pinbar’s on the support level at $1.12366 did not hold the price and could not push the price to the resistance line at $1.12806.

The price have move down to a strong support at $1.11871 which was holding price on the upper side. This level acted as resistance and when we have said if the price close above we will have bullish scenario.

Now this level is acting as a support and until the price is above, we should look for bullish entries.

EURUSD Outlook

EURUSD Yesterday’s chart analysis
On the yesterday’s analysis I have pointed that we could see pullback to $1.12366. The price did right that and returned back to support at $1.11871.

When the price touched $1.12366, it bounced back strongly with only one bearish candle that engulfed five previous bullish candles.
This tells me that the bears are strong at that level and the bulls will need a lot of power to break that resistance.
Looking on the the daily time frame I can see bearish Pinbar.

Looking on the weekly time frame I can see bearish Pinbar(weekly Pinbar is not perfect Pinbar).

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EURUSD Outlook
If you have received my yesterday’s analysis as a G-Trader member, then you have seen that the EURUSD 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.

Breakout below wedge pattern would confirm 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.

THnak you so muc

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EURUSD Yesterday’s chart analysis
EURUSD after the breakout from the wedge pattern reached first strong resistance at $1.13427. Yesterday’s two strong bullish candles have drive the price very fast to the resistance level which indicates strong bullish momentum after the breakout.

$1.13427 level is now confluence level of uptrend resistance line and horizontal resistance line.

When the price reached the confluence level it pulled back to the first small support at $1.13049.

The confluence level is a strong resistance area which has stopped the price on June 16 and on June 5. Each time the price have pulled back so it was possible that the price do the same thing. For now, the price have pulled back, but very little. Only to the first small support at $1.13049.

If you read closely then you can translate this behavior as a bullish power that do not allow the price to make a strong pullback.

EURUSD Outlook
After the yesterday’s analysis, EURUSD has made retrace to $1.12806.
On that support level we had a bullish Pinbar that was indicating the price could move further up. But, the price did not move up and instead it moved down.

Two strong bearish candles have move the price below $1.12806 level and currently is very near second support level at $1.12366.
In the previous day’s this support level was holding price above, so we can expect it will do the same.
It is also the level at which the price have breakout from the wedge pattern.

EURUSD Yesterday’s chart analysis
EURUSD has fallen down to its strongest support level in this range area. We have a range area that consists of the area between $1.11871 and $1.13427. I was waiting to see if the price came back to the support level at $1.11871 which is the second time in a week’s time frame.

We now have a range area that was touched two times on the resistance, $1.13427, and two times on the support, $1.11871. The price is holding between these two levels.

The wedge pattern that was broken did not fulfill its full potential and push the price above $1.13427. Sellers were too strong on the resistance level and currently there is a fight between bulls and bears.

EURUSD Outlook
EURUSD yesterday did not do anything clear that would guide us in some way. Looking at the daily time frame we can see indecision candle. It means the price did not find its way in any direction.

In the H4 time frame we can see the price has done some bouncing between two levels as mentioned in the yesterday’s analysis.

Large wicks on the candles where we have one bullish Pinbar candle tells us that the current area around $1.11871 is filled with buyers that are defending the support area.

These daily chart analyses really help me a lot to understand the market status. This is how I am very much able to keep the track of everything that has been happening in the market so that I can make a move accordingly in the market and acquire some good profits.

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EURUSD did not do too much yesterday except going up and then going down where it started from.
The one thing the price has done is close above $1.12366 which is now an important support level.

Strong bearish candle that took the price from the $1.12806 could not close below the previous H4 candle close, but it shows there are sellers who will not allow the price to move up easily.
The area where the sellers are is a strong resistance level.

EURUSD Outlook

Yesterday’s analysis was pretty close to the scenario that happened on the market.
EURUSD has tested the support level around $1.11871.

After testing the support level a nice bullish Pinbar has formed that pushed the price back to the resistance level at $1.12366 and where the price has stalled for the last few days.
After the bullish Pinbar we have a strong bullish candle that has engulfed the previous range of small H4 candles.
That move suggests the price could go higher if the price manages to close above $1.12366.

EURUSD has managed to break above from the small indecision area that was mentioned in yesterday’s analysis.

After a few indecision candles the price have fallen down to support level at $1.11871. The price formed a nice bullish Pinbar that had a long wick and a body inside an indecision area.

This formation of a Pinbar shows the behaviour of the market. The price has looked to break somewhere. The break was heading down, but the majority of traders did not allow the price to close below the indecision area. The close was again inside that area which pointed to the price having a false break down.

After the bullish Pinbar the price moved up and closed above indecision and touched an area near resistance level at $1.12806.

After the break above and the strong bullish candle we have a small pullback visible as a small bearish candle. After that, a small indecision candle has formed.

Currently we are waiting for the price to make a move.

EURUSD Outlook
The price has returned back in the indecision area where we need to wait again to see what the price will do.

Last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.

That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.

The formation of candles in the last two days looks like there is a fight between bulls and bears.