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10.06.201907:13 Forex Analysis & Reviews: Technical analysis of EUR/USD for 10/06/2019:

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.

Technical Market Overview:

The EUR/USD pair has made another higher high on its way up and the last one was made at the level of 1.1347, just below the technical resistance at the level of 1.1361. Nevertheless, there is a clear bearish divergence between the price and momentum oscillator in overbought market conditions. If the local technical support at the level of 1.1305 is clearly violated, then the sell-off might accelerate towards the level of 1.1250 or even 1.1224. That move down will be considered as a local pull-back as along as new low is made below 1.1118, so the outlook remains bullish.

Weekly Pivot Points:

WR3 - 1.1598

WR2 - 1.1464

WR1 - 1.1422

Weekly Pivot Point: 1.1290

WS1 - 1.1228

WS2 - 1.1091

WS3 - 1.1040

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend.

Exchange Rates 10.06.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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