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05.06.202013:11 Forex Analysis & Reviews: Trading plan for 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

Technical outlook:

EUR/USD has rallied towards 1.1370/80 today, inching closer to the projected target around 1.1500. The currency pair has pulled back a bit, trading around 1.1330 levels at this point in writing and could drop further towards 1.1190 before finding support. Please note the corrective drop could be used as an opportunity to initiate long positions again. Immediate resistance is seen towards 1.1500, while interim support comes in around 1.1200 respectively. Structurally, EUR/USD remains bullish until prices stay above 1.0630 support. The primary rally from 1.0636 through 1.1150 was retraced to fibonacci 0.786 around 1.0730 earlier. Since then, EUR/USD has been carving higher highs and higher lows towards the fibonacci extensions seen at 1.1348 (achieved) and 1.1469 respectively.

Trading plan:

Remain long with stop @ 1.0630 and target 1.1500.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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