Intraday Market Analysis: EURUSD Today and Silver

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EURUSD Technical Analysis

Following our prior intraday market analysis on EURUSD, the price broke above the resistance we have highlighted and reached the bullish target thanks to the Fed’s monetary policy. This is our intraday strategy on EURUSD following the bullish breakout.

EURUSD 4hr Chart

Please click on the chart to enlarge:

EURUSD 4hr chart, 18/06/15

EURUSD 4hr chart, 18/06/15

In order to sustain its gains EURUSD must firmly break above 1.1370, which in turn may pave the way for further gains towards 1.1500. On many occasions the price would look to re-test the breached resistance (now acts as support) before resuming its uptrend. If the support line (upper blue line) will be re-tested we suspect many technical forex traders will layer the stop below the support line. We have seen this on numerous occasions and the price simply breaks below the support to take out the stops before trading higher. If a re-test takes place a better strategy would be for the price to test the 200 Moving Average (MA, in purple). We remind you that a EUR 3.0 billion (approx.) option is located at 1.2000, set to expire on Friday. The market often attempts to take out such large options.

What could also trigger irregular volatility is Alexis Tsipras meeting with Valdimir Putin on Friday. We are aware Putin is encouraging Greece to exit the euro zone and the EURUSD traders may not appreciate such comments should they will be repeated on Friday.

Silver Technical Analysis

XAG/USD (Silver) 4hr charts shows a mutated reversed H&S with multiple shoulders. The neckline at 16.21 is most likely monitored by many traders and algorithms. A firm break above the neckline may trigger moderate buying in Silver that may drive the price towards 16.45.

XAG/USD 4hr Chart

Please click on the chart to enlarge:

XAGUSD 4hr chart, 18/06/15

XAGUSD 4hr chart, 18/06/15

It is clear the Fed wishes to maintain a weak US Dollar (USD) so the odds of a breakout occurring in today’s session are exceptionally high, As EU Finance Ministers are due to convene today the bullish reaction could be short-lived. It is essential to highlight that a fir, break above 16.21 is required to affirm the gains of the reversed H&S.

As EURUSD and Silver intraday analysis is no longer relevant it can  now be accessed by all traders. Intraday market analysis is restricted to members that have signed up for our intrday market analysis plan when it is published. We have been proving trade alerts in the Forex market since May 2014.
Intraday Market Analysis: EURUSD Today and Silver

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Intraday Market Analysis: EURUSD Today and Silver

                                         Intraday Market Analysis: EURUSD Today and Silver
Intraday Market Analysis: EURUSD Today and Silver
                                             Intraday Market Analysis: EURUSD Today and Silver

Intraday Market Analysis: EURUSD Today and Silver

Last Updated on June 28, 2015