June 15 , 2018
Yesterday pair slipped almost 280 pips which was the biggest daily downfall of the year and a bearish engulfing candlestick has been formed on the daily technical chart which indicates that all bullish sentiments have been vanished & there is no more bullish sentiments. Everyone know’s that yesterday move was fueled by fundamental factors but this news has given new road map to bears.
Earlier few days back, pair after marking a low of 1.1518 bulls managed theirself and we have seen counter attack as we can see that a piercing pattern candlestick has been formed on daily chart and pair moved up till 1.1836 level but yesterday as The ECB pledged to maintain current rates through the Summer of 2019 and included other dovish comments. In addition, US retail sales beat expectations with +0.5% in the control group. Fed chair Powell expressed optimism about the economy and he was somewhat more cautious about the economy.
Odds are in favor of bears and intraday bias remains bearish on the pair as long as 1.1843 level remains intact. Well below 1.1500 level we will see further weakness in the pair and bears will move down further. Well the way bears are reacting it seems like they are not in a mood to stop early, they are approaching the 1.1311 level atleast.
A twisted bearish crossover on MACD indicator is supporting the bears and RSI is also favoring the bulls from positive territory. The 1.1450 is immediate support level followed by 1.1400 level whereas 1.1850 level is immediate resistance level followed by 1.1950.
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