Trading the EURUSD on June 27, 2020

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EUR/USD Forecast Euro Dollar June 27, 2020

Currency pair Euro/Dollar EUR/USD continues to move in the context of an upward correction and the formation of the «Wolfe Wave» model. Moving averages indicate a short-term bullish trend for the pair. At the time of the publication of the forecast, the euro/dollar rate is 1.1359. At the moment, we should expect an attempt to continue growth and test the upper boundary of the ascending channel near the 1.1400 area. Further, the rebound and the beginning of the decline in the currency pair Euro/Dollar. A potential target of such a movement and model development is the area below the level 1.1145.

EUR/USD Forecast Euro Dollar June 27, 2020

In favor of reducing the EUR/USD quotes, the test of the resistance line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the «Wolfe Wave» model. Cancellation of the option of falling quotations of the currency pair Euro/Dollar will be a strong growth and the breakdown level of 1.1475. This will indicate a breakdown of the border of the model and a continuation of the ascent to the region at the level of 1.1615. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the lower boundary of the ascending channel and closing below 1.1175.

Among the important news from Europe and America, which may affect the rate of the EUR/USD pair, it is worth highlighting: United States Gross Domestic Product (GDP) q/q, United States Pending Home Sales m/m.

EUR/USD Forecast Euro Dollar June 27, 2020 implies an attempt to test the resistance area near the 1.1400 level. Where should we expect a rebound and an attempt to continue to reduce the pair to the area below the level of 1.1145. In favor of reducing the currency pair will test the resistance line on the indicator of relative strength index (RSI). Cancellation of the option to reduce EUR/USD will be a strong growth and the breakdown level of 1.1475. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1615.

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Euro Outlook: EUR/USD Coronavirus Breakout Surges to Fresh 2020 High

Euro Technical Price Outlook: EUR/USD Weekly Trade Levels

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR /USD breaches multi-month downtrend resistance- constructive while above 1.1170
  • Immediate advance vulnerable into 1.1445/57

Euro surged higher against the US Dollar for a second consecutive week with EUR/USD soaring 2.4% to trade at 1.1294 ahead of the New York close on Friday. A breakout above multi-month-downtrend resistance saw the rally stretch as high as 5.35% off the February lows before pulling back. These are the updated targets and invalidation levels that matter on the EUR/ USD weekly price chart. Review my latest W eek ly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more.

Euro Price Chart – EUR/USD Weekly

Chart Prepared by Michael Boutros , Technical Strategist; EUR/USD on Tradingview

Notes: In my last Euro Weekly Price Outlook we noted that the EUR/USD, “ breakdown is testing a critical long-term support zone here and leaves the immediate short-bias vulnerable while above 1.0725 /77 . ” Price registered a low at 1.0777 before reversing sharply with a three-week rally taking Euro to fresh 2020 highs on Friday.

Initial resistance is eyed at the June high-day close at 1.1367 with critical confluence resistance eyed at 1.1445/71 – a region defined by the objective 2020 yearly open and the 38.2% retracement of the 2020 decline. Look for a bigger reaction there IF reached with a close above needed to suggest a more significant low was registered last month. Yearly open support at 1.1222 backed by the Fibonacci confluence at 1.1170/86 – losses should limited to this threshold IF price is indeed heading higher.

Bottom line: The Euro breakout is approaching initial resistance objectives just higher and keeps the broader focus higher while above 1.1170. Form a trading standpoint, look to reduce long-exposure / raise protective stops on a test higher. Ultimately, we’ll be on the lookout for downside exhaustion on pullback to offer more favorable entries closer to uptrend support. I’ll publish an updated Euro Price Outlook once we get further clarity on the near-term EUR/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on B uilding a T rading S trategy

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, AUDJPY (January 27 – 31, 2020)

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, EURJPY, and AUDJPY through January 31, 2020.

Watch the video below, and be sure to scroll down for more commentary and annotated charts.

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EURUSD Forecast

The EURUSD broke out of consolidation last week.

It’s a breakout we’ve waited for since I wrote about this terminal pattern late last year.

You can also see what appears to be a head and shoulders pattern here.

It isn’t the ideal scenario for such a pattern, but notice how similar this recent structure is to the price action in June and July of last year.

Watch the video above for the details.

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Going forward, I expect to see EURUSD sellers defend the 1.1070 to 1.1090 region as new resistance.

I’ll remain bearish the EURUSD as long as the pair is below that area on a daily closing basis (using New York close Forex charts).

Key support comes in at 1.0990.

A daily close below that would expose the 2020 lows near 1.0900.

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GBPUSD Forecast

The GBPUSD is less appealing than its euro counterpart.

That’s because of the key support levels that lie just below Friday’s close.

Notice how we have a trend line that extends from the November 2020 low as well as the ascending channel support from the 2020 low.

The area between these two levels (1.2950 to 1.3015) could attract buyers on a rotation lower this week.

I also think a daily close below that channel support would be ideal.

It would open the door to lower levels, including 1.2770 and 1.2570.

Until that 1.2950 area breaks, though, the short-term GBPUSD uptrend is intact.

We’ll see if this Thursday’s BOE decision can trigger a breakout.

USDJPY Forecast

We looked at the USDJPY on Thursday.

In that post, I mentioned how additional losses for the pair seemed likely given the broader downtrend as well as what was occurring with other yen pairs.

On Friday, we saw the November 2020 trend line come under pressure again, just as it did on Thursday.

However, Friday’s close wasn’t convincing enough for me to call it a break.

At the same time, it certainly wasn’t a bullish end to the week.

With that in mind, I’m still anticipating a move lower from the USDJPY, especially if the pair closes below the 2020 trend line.

But as I mentioned in today’s video above, the more appealing opportunity may not materialize until the pair closes below ascending channel support.

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EURJPY Forecast

The EURJPY confirmed our suspicions last week.

I first discussed this ascending channel on January 6th.

We also reviewed the same pattern in last week’s Forex forecast video.

Given the repeated retests of channel support, a breakdown at the end of last week was likely.

For the week ahead, I would expect sellers to defend the area between 121.00 and 121.20.

That’s the former ascending channel support, which should serve as resistance going forward.

Key support comes in at 119.20 with a close below that exposing the 2020 lows near 116.20.

AUDJPY Forecast

AUDJPY is another yen pair that is setting up for us.

I discussed the pair on Tuesday, and whether or not the channel below would play out like the one that developed in early 2020.

If it does, we could be looking at a selloff of 300 to 400 pips.

But first, AUDJPY sellers need to close the pair below ascending channel support, which is currently near 74.20.

That would expose 73.40 and perhaps 72.50.

I also think that any rotation higher this week could encounter selling pressure at 74.80.

Note the December 3rd high and the December 18th low.

The 74.80 level also attracted sellers on October 22nd of last year.

If the other yen pairs are any indication, we could see AUDJPY move lower in the coming days and weeks.

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27 comments

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I really appreciate your help me to me

My pleasure. Have a great week.

Appreciate your assistance.. ��

Anytime, Anas. Enjoy your week!

Always on point Justin…thank u

You’re very welcome.

The H&S pattern on EURUSD would reinforce the Support at around 109?

Mr Justin thanks a lot for your endless effort to put us through in this mkt with your endless update and analysis, thanks a lot and God bless you and your family for that .

I have a very serious issue that need fast attention to get me out of the mess am in I needed you quick advice and surport.

Feel free to use the contact form on this site.

Thanks for this week analysis.i really appreciates please.

waaaooo…..it going to be another busy week (successful) indeed. thanks Mentor for the above analysis. always grateful.

It’s my pleasure. Have a great week.

Thanks Justin, Since I joined this latform my trading are getting well. Good trades ahead!Kill the market

You’re very welcome. I love hearing that. All eyes on those yen pairs this week. ��

Thanks once again Justin for analysis on yen pairs, S&P500 is also poised to plunge, reinforcing your submission on the pairs

Absolutely! You’re welcome.

I have been waiting for your analysis of this pairs sir justin thank you very much especially eur jpy and usd jpy.

You’re welcome, Ali. Have a fantastic week!

Mr Justin Bennett I’m gratefully to have you on so far I ‘ve got a clear version
Your Job is osome indeed EURUSD is exacttley you mention on last vidios
Good Job

Glad to have you here. Thanks for commenting.

I’d give a thumb up, but I didn’t find the thumb symbol. But I do take notes from your videos.

thanks you a lot

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