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Technical Market Outlook:

The EUR/USD pair has been moving up in a trend and recently the bulls have managed to break through the upper ascending channel boundary and made a new local high at the level of 1.1145. This is the lower supply zone boundary located between the levels of 1.1148 - 1.1190. Please notice, the market conditions are now overbought and despite the positive and strong momentum the price might start a corrective pull-back towards the nearest technical support located at the level of 1.1050.

Weekly Pivot Points:

WR3 - 1.1499

WR2 - 1.1307

WR1 - 1.1241

Weekly Pivot - 1.1045

WS1 - 1.0959

WS2 - 1.0772

WS3 - 1.0680

Trading Recommendations:

On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

Exchange Rates 01.06.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020
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