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Bearish Reversal For EURUSD

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June 15 2017

EURUSD touched a new high yesterday ahead of FOMC press conference but then it turned sharply lower from 1.1300 area that we highlighted it as an important resistance a few times in our past updates. Notice that fall again came from that 1.1300 »Trump level«; a spike from November when Trump won US presidency.

An updated count shows an ending diagonal on 4h chart; a powerful reversal pattern that can cause a strong drop in the rest of the month. So technically speaking, it appears that euro can see deeper levels now, especially if we consider that three waves down minimum should be seen. From a trading perspective, I will pay attention to that red broken trendline that may turn into a nice resistance on a pullback, after wave 2)/B).

I have also posted this chart on twitter yesterday, so make sure to follow me at https://twitter.com/gregahorvatfx

Trade well,
Grega
 



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