EUR/USD: fundamental review & forecast

It is best to wait for the price action signalling the price will move down before choosing to SELL

Technical Analysis
13 Jun 2022

In our previous EUR/USD analysis, we explored why $1.06736 required to hold if EUR/USD prices were to increase. On the daily time scale, the price recovered to $1.06736 and formed a bullish Pin bar. The EUR/USD pair surged and surpassed the $1.07825 supply zone, which proved to be too tough to break. On Thursday's daily candle, we could see a massive wick, indicating that the price was unable to close the day above the prior day's candle highs.

The price then dropped, forming a large bearish engulfing candle that completed the day below the previous weekly false breakout downwards. The price continued to fall, and on Friday, it easily broke through the $1.05825 support level. The price came to a halt at a support level of $1.05087, which included a support confluence with an uptrend support line and a horizontal support line.

We could see a price near to $1.05825 this week, which would be a breakthrough confirmation. It is the initial resistance and its confluence with the uptrend support line, forming the resistance and horizontal resistance line.The price might reach $1.05600, which is greater than the level reached on past reversal attempts following a sell-off, so we can expect a similar reaction and aim.

We are looking for a SELL entry around $1.05825, as this is a good resistance level. However, it is advisable to wait for a price action sign that indicates a price decline.

Anna Sneider
Forex Technical Analysis - EUR/USD | 10.06.2022

Technical Analysis

Forex Technical Analysis - EUR/USD | 10.06.2022

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