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07.06.202220:37 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 07, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview :

The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.

Amid the previous events, the price is still moving between the levels of 1.0634 and 1.0732.

Also, the daily resistance and support are seen at the levels of 1.0732 and 1.0634 respectively.

Therefore, it is recommended to be cautious while placing orders in this area.

So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 1.0634 and it continued to rise towards the top of 1.0711.

Today, in the one-hour chart, the current rise will remain within a framework of correction.

Exchange Rates 07.06.2022 analysis

However, if the pair fails to pass through the level of 1.0732, the market will indicate a bearish opportunity below the strong resistance level of 1.0787 (the level of 1.0787 coincides with the double top too).

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0787 with the first target at 1.0634.

If the trend breaks the support level of 1.0634, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0598 in order to test the daily support 2 (horizontal green line).

This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.0598 with a view to test the daily support 2.

Mourad El Keddani
Analytical expert of InstaForex
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