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  3. The review of the pairs EURUSD, GBPUSD, USDJPY on June 19, 2020, on the Forex

The review of the pairs EURUSD, GBPUSD, USDJPY on June 19, 2020, on the Forex

EURUSD

The daily chart: a downward swing tested the 11th figure, closing below the previous session. This preserves the bears’ chances to continue pressure, but at any moment a turn up is possible. The reasons are the wide pivot zone 1.1183-1.1240, plus the need to “go” to the proposal area 1.1382 as the part of the O&U pattern development.

Н1: the local structure has turn-up signs – the bottom has been raised significantly, and the last downward swing has shown the sellers complete weakness. The control resistance is 1.1221. Once it is pierced, the U-turn will be fully confirmed.

The conclusions: growth above 1.1221 in the 1.1240, 1.1260 direction.

Investment decisions: purchases to 1.1240 and 1.1260.

GBPUSD

The daily chart: the downward swing has significantly updated the lows, which, on the one hand, indicates a possible the downward correction continuation, but, on the other hand, in the 1.2400 round level zone the bulls may be activated. Thus, we have the possible scenarios duality.

Н1: the local structure is still bearish without any questions. Moreover, it is in a trending stage. Thus, a 1.2400 support breakdown is possible and a further fall.

The conclusions:

The main scenario is a decline to 1.2350 and 1.2300.

An alternative scenario – in a rebound case from 1.2400, the pair will recover to 1.2455.

Investment solutions:

  1. Below 1.2400 – sales to 1.2350 and 1.2300
  2. Above 1.2400 – purchases to 1.2455.

USDJPY

The daily chart: a pin bar at a downward swing end is a bullish swing possible start important signal in the last peak (107.636) direction. Moreover, the bears were not able to update the minimum structure yesterday, which may indicate weakness.

Н1: the local structure is still downward, but does not yet have a full upward swing. Thus, against the daily signal possible development background, a downtrend may break and growth above the nearest peak (107.122).

The conclusions: growth to 107.122 and 107.428.

Investment solutions: purchases to 107.428.

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Author: Сергей Морозов

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