10.06.202416:55 Forex Analysis & Reviews: Trading Signals for EUR/USD for June 10-12, 2024: buy above 1.0742 (4/8 Murray- GAP)

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.

Early in the American session, the euro is trading around 1.0735 under strong bearish pressure. The euro has reached oversold levels, showing signs of exhaustion.

The opening of trading this week left a GAP in the euro at about 1.0803. It is likely that after the Euro bounces in the next few hours, it could reach and cover this GAP and even reach the 200 EMA located at 1.0815.

Currently, the euro is at a key point. If it consolidates above 1.0742 in the next few hours, we could expect a positive outlook for the coming days.

On the contrary, if the euro falls below 1.0742 (4/8 Murray), it could continue its fall and could reach 1.0681 and even drop to 2/8 Murray located at 1.0593.

The eagle indicator reached the oversold zone, showing signs of a further rebound. However, we could wait for confirmation of this rebound if the euro returns and trades above 4/8 Murray. Then, EUR/USD could suggest an opportunity to buy.

Given that the euro is at extremely oversold levels, we should expect a consolidation above 1.0730 in the next few hours. In case this scenario comes true, we will look for opportunities to buy with targets at 1.0760, 1.0785, and 1.0815.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.