For Traders

Analytical Reviews

Technical analysis

18.06.202109:53 Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 18, 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 broken below the key Fibonacci retracement level located at 1.1917 and the new local low was made at the level of 1.1885 (at the time of writing the analysis). Moreover, the market is clearly below the short-term trend line support, so the bears are now in full control of the price. The next target for bears is seen at the level of 1.1704, which is the low from the end of March 2021. The immediate technical resistance is located at the level of 1.1953.

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.