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10.06.202208:46 Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 10, 2022

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 had terminated the ABC-x-ABC complex corrective cycle as expected, however, please notice, the ABC-x-ABC cycle might evolve into more complex correction in form of ABC-x-ABC-x-ABC. This even more complex cycle might consume ever more time as well, so please be patient. Once the corrective cycle is completed, the new impulsive wave to the upside might start with a target at the level of 1.0942 or above. The odds for another wave up remain high as long as the market trades above the low of the wave (Y) seen at 1.0610.

Exchange Rates 10.06.2022 analysis

Weekly Pivot Points:

WR3 - 1.0954

WR2 - 1.0872

WR1 - 1.0789

Weekly Pivot - 1.0707

WS1 - 1.0623

WS2 - 1.0551

WS3 - 1.0480

Trading Outlook:

The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.

Sebastian Seliga
Analytical expert of InstaForex
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