Vladimir Ribakov analyzes EUR/USD on June 16, 2020. The pair faces resistance at 1.15, with bearish divergence on MACD and RSI suggesting a move lower. He expects pullbacks before the downtrend continues until the divergence resolves.
Hey guys, how are you? Vladimir here from Traders Academy Club, and this video is the day trading idea. And today we are on 16th of June 2020. I hope you are well and you are safe and you enjoy the sunny days out there. Well, some parts of the, of the world. Today on the list I have the euro versus the dollar. Before we dig deeper, I would like to take the opportunity and for all those of you who watch our channel for the first time, I would like to welcome you to our community and to invite you to subscribe to the channel. Just follow the subscribe button below this video and remember to enable the notification so you are notified when I upload a new video for you. And also, I would like to invite you to join our trading club, the Traders Academy Club. And to join our free Telegram channel, both links could be found below this video in the description or in the pinned comment inside the comment section. So what do we have on the euro dollar? Let's start with the very strong zone of resistances of the pivots. That's the area from previous week. As you can see, this is the area for the current week. It's shrinking the distances between the resistances getting smaller and smaller. That puts a heavy pressure on this area slightly below the psychological 115. Going to the lower time frame, the 4-hour chart, we are here in the classical trending structure, which actually might be better to measure this way because this could be the first Leg of something bigger, and that's pretty much how I see the price going. Now on this leg, here we are facing a bearish divergence. Both the MACD moving average and the histogram, and also you can see this divergence on the RSI. Very strong sign. The uptrend line that we had in this rally, the most recent one. Broken, gone. The lower lows create here a convergence, which by itself is sort of a hint that after these retraces we are in a corrective phase. Now, after completed legs, completed cycles here, the idea here is a corrective phase which could be ABCD. Or could be a range. Both scenarios hint that the price has the room to push slightly lower. Personally, I think this would be an ideal scenario until the divergence would be completed. So pullbacks and continuation, like little pullbacks and continuation, is what I would expect from the euro. Let me know how do you see the euro dollar in the current price behavior, and what would be your expectations? If you find this video interesting, useful, please hit the like button. Show your support back, and also your comments in the comment section are more than welcome. Please share your view. How do you see the euro dollar? And let other viewers. Know as well. Thank you very much for your help in advance. So that would be all for this video, and I would like to wish you a fantastic day and a great week ahead. Stay safe, be well, and for more trading ideas and live market analysis, I invite you to join us in Traders Academy Club. The link could be found below in the description. Take care, stay safe, I'll see you tomorrow.
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