For Traders

Analytical Reviews

Technical analysis

14.06.202109:34 Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 14, 2021

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 Outlook:

The EUR/USD pair has made a new marginal lower low at the level of 1.2092 and so far the bounce is very shallow. The nearest technical resistance is seen at the level of 1.2131 and if this level is violated then there is a chance for a bigger bounce. On the other hand, the market is already out of the main channel on the daily time frame chart, so any new intraday low would likely extend the wave down towards the next technical support seen at 1.2051.

Weekly Pivot Points:

WR3 - 1.2289

WR2 - 1.2243

WR1 - 1.2141

Weekly Pivot - 1.2125

WS1 - 1.2038

WS2 - 1.2001

WS3 - 1.1909

Trading Recommendations:

The daily time frame chart show the market coming off the overbought conditions and neutral to negative momentum, so the distribution cycle is being continued. When this cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).

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.