During this quarter the instrument found support near 1.000 which is an important key price level and round number (1). In the first chart here below we also see the quarterly opening 1.0171 (2) and previous top 1.0341 (3).

This current candle will close with the end of June so to better understand the whole situation I would consider the following chart showing the instrument in weekly timeframe:

Still points '1-2-3' show us the quarterly low, open and previous high. In the chart it is very notable how last impulse up (A) has now completed its whole retracement (B) allowing to apply the Fibonacci expansion tool: the 2 main extension in price will be 1.0340 (61.8%) and 1.0540 (100%).

During last week price experienced a strong bullish reject when reaching parity (1.000) together with the completation of retracement (61.8% retrace is 1.0015).

The same situation is also seen in Daily timeframe. Consider the following chart:

As you can see I already drawn the projected move:

I expect price to consolidate for few days above 1.0050 to gain more power and start the new impulse up straight into 1.02 area and reach previous quarterly high 1.0341 (2), following a bullish breakout and close the quarter > 1.0340 to be near 1.0380 at the beginning of new quarter on 1st July 12.00gmt.

Even if less probable, as always I don't exclude a possible bearish breakout below the 1.000 round line: this event will certainly cause a progression bearish to reach the 0.98 area after a quick consolidation of broken level as new resistance.

At this point the analysis is complete but I will keep updating on comments.

Thank you for reading.

الترجمة الى الانجليزية اظهار الاصلي