05.06.202012:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 05, 2020

Overview:

• The EUR/USD pair faces strong resistances at the levels of 1.1384 because The EUR/USD pair knows saturation at the area of 1.1384-1.3050 on June 05, 2020.
• So, the strong resistance has been already formed at the levels of 1.1384- and 1.3050 for that the pair is likely to try to approach it in order to test it again.
• However, if the pair fails to pass through the level of 1.1384, the market will indicate a bearish opportunity below the new strong resistance level of 1.1384.
• Moreover, the RSI starts signaling a downward trend.
• Thus, the market is indicating a bearish opportunity below 1.1384 so it will be good to sell at the zone of 1.1384 or/and 1.1290 with the first target of 1.1233. It will also call for a downtrend in order to continue towards 1.1153. The daily strong support is seen at 1.1131.
• However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.1452.

Technical levels

• Resistance 3: 1.1567
• Resistance 2: 1.1465
• Resistance 1: 1.1400
• Pivot Point: 1.1298
• Support 1: 1.1233
• Support 2: 1.1131
• Support 3: 1.1066

Forecast/signal:

• Sell at the spot of 1.1400 to 1.1290 with the targets of 1.1233 and 1.1153. At the same time, if a breakout happens at the support levels of 1.1400 and 1.1452, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
• Warning: Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.