16.06.202110:26 Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 16, 2021

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Overview :

After breaking the support at 1.2204. The EUR/USD pair has set strong resistances at the levels of 1.2204 because the support has become a resistance on the 15th of June 2021.
So, the price has already formed the strong resistance at the level of 1.2204 and the pair probably will try to approach from it in order to test it again.
However, if the pair fails to pass through the level of 1.2204, the market will indicate a bearish opportunity below the new strong resistance level of 1.2204 (the level of 1.2204 coincides with the ratio of 78% Fibonacci).
Moreover, the RSI is becoming to signal a downward trend, as the trend is still showing strong above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below the 1.0075 level so it will be a good sign to sell at 1.2204 with the first target of 1.2090.
It will also call for a downtrend in order to continue towards 1.2052. The daily strong support is seen at 1.1986.
However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the price of 1.2266.
On the other hand, it is also worth noting that the price at 0.8521 will possibly form a strong support.
Accordingly, saturation around 1.1986 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market.
Hence, it will be a good sign to buy above 1.1986 with the first target of 1.2090 and continue towards 1.2204 and 1.2266 in order to form a double top.

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