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12.06.202013:01 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 12, 2020

Exchange Rates 12.06.2020 analysis

Overview:

The EUR/USD pair continues to move downwards from the level of 1.1332. The pair dropped from the level of 1.1332 (this level of 1.1332 coincides with the ratio of 50%) to the bottom around 1.1284.

Currently price is set at the level of 1.1305. Today, the first resistance level is seen at 1.13232 followed by 1.0014 , while daily support 1 is found at 1.1238.

Also, the level of 1.1332 represents a daily pivot point for that it is acting as major resistance today.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1332 towards the first support level at 1.1238 in order to test it.

If the pair succeeds to pass through the level of 1.1238, the market will indicate a bearish opportunity below the level of 1.1238. Next objective 1.1182.

However, if a breakout happens at the resistance level of 1.1422, then this scenario may be invalidated.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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