For Traders

Analytical Reviews

Technical analysis

14.06.202123:09 Forex Analysis & Reviews: June 14, 2021 : EUR/USD daily technical review and trade recommendations.

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.

During April, the ongoing downside movement ( on the left side of the chart ) came to an end. The price levels around 1.1700 provided Significant BUYING Pressure. This initiated the recent uptrend towards 1.2150.

Another downside movement was expressed towards 1.1990. Breakdown below it was needed to allow one more downside visit towards 1.1840.

However, an upside movement was demonstrated towards 1.2175 (backside of the broken trendline) which provided sufficient bearish pressure resulting in a quick downside movement towards 1.2070.

Earlier last week, another upside movement was demonstrated towards 1.2175 which failed to offer sufficient bearish pressure.

Breakout above 1.2175 enhanced further bullish advancement towards 1.2250 as an initial target.

Further upside movement was expected to pursue towards the backside of the broken trend line. However, the pair has failed to do so.

On the other hand, re-closure below 1.2175 was needed to turn the short-term outlook into bearish again.

Currently, Persistence below the price level of 1.2175 indicates further downside movement towards 1.2110 and 1.2070.

On the other hand, any upside pullback towards 1.2175 should be considered for selling the EURUSD pair again while S/L should be placed above 1.2200.

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.