Intraday Forex Charts Update – June 18, 2015

EUR/USD: 1-Hour

EUR/USD 1-Hour Forex Chart

EUR/USD 1-Hour Forex Chart

EUR/USD began shooting up after breaking out of a symmetrical triangle. Now, the pair seem to be hesitating at the 1.1400 major psychological level. Will there be a pullback? I applied the Fibonacci tool in anticipation of a pullback. And from the looks of it, all three retracement levels look like valid pullback levels (assuming a pullback does occur of course). The 38.2% and 50% retracement levels are both in a price area of significant market interest while the 61.8% retracement level sits on top of the triangle’s side and would be a retest of the breakout point. Also, stochastic is currently in overbought territory, indicating that buyers may potentially be exhausted already and hinting that sellers may come in to take control.

EUR/NZD: 1-Hour

EUR/NZD 1-Hour Forex Chart

EUR/NZD 1-Hour Forex Chart

After spiking hard to the upside, price began slipping a bit. But I think that there’s a good chance that the current slide is only a correction since the upside momentum was so strong. So for today’s play, I have a plain vanilla Fibonacci setup for EUR/NZd on the 1-hour forex chart. Price is currently testing the 38.2% Fibonacci level, but if support fails to form at that level, then we still have the 50% and 61.8% retracement levels. The 50% level is close to 1.6350 minor psychological level while the 61.8% level lines up quite nicely with the 1.6300 major psychological level, so there’s a good chance that we’ll see buyers around those retracement levels. For directional bias confirmation, the moving averages are indicating that the uptrend is still healthy.

EUR/CHF: 1-Hour

EUR/CHF 1-Hour Forex Chart

EUR/CHF 1-Hour Forex Chart

Based on the 1-hour forex chart, EUR/CHF has been moving in what looks like a messy descending channel. And the safest way to play a descending channel is to look for resistance near the ceiling of the channel. Unfortunately, price is still a long way from the ceiling. But on a more upbeat note, price seems to be consolidating right smack at the middle of the channel. The pair is even using the 100 SMA as dynamic resistance, so perhaps the downward move may resume. But do be careful since price has been having difficulty in breaking through support at the 1.0450 minor psychological level. And as usual, make sure to practice proper risk management should you find a trade based on any of these charts.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.