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05.06.202012:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 05, 2020

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.

Exchange Rates 05.06.2020 analysis

Overview:

  • The EUR/USD pair faces strong resistances at the levels of 1.1384 because The EUR/USD pair knows saturation at the area of 1.1384-1.3050 on June 05, 2020.
  • So, the strong resistance has been already formed at the levels of 1.1384- and 1.3050 for that the pair is likely to try to approach it in order to test it again.
  • However, if the pair fails to pass through the level of 1.1384, the market will indicate a bearish opportunity below the new strong resistance level of 1.1384.
  • Moreover, the RSI starts signaling a downward trend.
  • Thus, the market is indicating a bearish opportunity below 1.1384 so it will be good to sell at the zone of 1.1384 or/and 1.1290 with the first target of 1.1233. It will also call for a downtrend in order to continue towards 1.1153. The daily strong support is seen at 1.1131.
  • However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1452.

Technical levels

  • Resistance 3: 1.1567
  • Resistance 2: 1.1465
  • Resistance 1: 1.1400
  • Pivot Point: 1.1298
  • Support 1: 1.1233
  • Support 2: 1.1131
  • Support 3: 1.1066

Forecast/signal:

  • Sell at the spot of 1.1400 to 1.1290 with the targets of 1.1233 and 1.1153. At the same time, if a breakout happens at the support levels of 1.1400 and 1.1452, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
  • Warning: Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
Mourad El Keddani
Analytical expert of InstaForex
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