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05.06.202007:10 Indicator analysis. Daily review on EUR / USD for June 5, 2020

The pair traded upwards on Thursday and almost tested 1.1371 - an 85.4% pullback level (presented in a blue dotted line). The news played an important role in such a strong upward movement. Today, the price may roll back down after testing the resistance line. Economic calendar news for the dollar is expected at 12:30 UTC.

Trend analysis (Fig. 1).

Today, the upward trend may continue from the level of 1.1340 (closing of yesterday's candle) with the target at resistance line 1.1380 (presented in a white bold line). The historical resistance level 1.1382 (presented in a blue dashed line) is also located there. It is very likely that from this cloud, the price may begin to move downwards with the first target of 1.1270 - a 14.6% retracement level (presented in a red dashed line).

Exchange Rates 05.06.2020 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may continue to move upwards with the target at the resistance line 1.1380 (presented in a white bold line). From this level, the price may begin to move downwards with the first target of 1.1270 - a 14.6% retracement level (presented in a red dashed line).

Another possible scenario is an upward trend after breaking through the resistance line 1.1380 (presented in a white bold line) with the target at the upper fractal 1.1498 (presented in a blue dashed line).

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

Performed by Stefan Doll,
Analytical expert
InstaForex Group © 2007-2020
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