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EURUSD falls as predicted by technical analysis

EURUSD Tech analysis by Simon Kazinsky on 12:24 June 14, 2019 EST


Can't ask for more. Technicals for EURUSD driving price action to the pip.

EURUSD falls on Friday as the US dollar once more shows its strength against most of the main world currencies. The Japanese Yen, the Swiss Franc, cryptos and Gold are the only ones that can fight the buck at present indicating the market is in a risk off mindset at the end of the week.

As seen on the chart the recent half harted attempt to recover some ground has been capped by the moving average that has been killing any hopes for the pair since the start of the year.

It is also worth noticing that retail traders are long the pair, as they short the dollar against pretty much everything. As usual, this is good news for professional traders as there's probably nothing more reliable in forex than taking the opposite view than the aggregate mum and pop's opinion.

There is a gap around the 1.07 mark left in the chart in spring 2017 when the euro lifted off from its multi years low that I am hoping will be filled in the coming weeks.

Substained action above 1.1325 would make me question the bearish case.


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