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18.06.201907:02 Forex Analysis & Reviews: Technical analysis of EUR/USD for 18/06/2019:

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 Overview:

The EUR/USD pair is trying to bounce higher after hitting the technical support at the level of 1.1206. So far the bounce was limited to the level of 1.1250 and has not even touched this technical resistance. The momentum is weak and negative, but the market conditions are now oversold, so the price might continue the bounce higher. On the other hand, if the bounce is shallow, the price might reverse and hit the level of 1.1206 again. This is very important support and if broken, then the bears might accelerate the sell-off towards the level of 1.1118, another important support. There is virtually nothing between those two levels, so the price can drop like a stone. Please keep an eye on the market behavior at the key support and trade accordingly.

Weekly Pivot Points:

WR3 - 1.1413

WR2 - 1.1376

WR1 - 1.1277

Weekly Pivot - 1.1237

WS1 - 1.1132

WS2 - 1.1096

WS3 - 1.0995

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, but it needs confirmation and so far there is no clear confirmation yet

Exchange Rates 18.06.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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