EUR/USD Intraday Analysis, June 8, 2020

EUR/USD has stopped and formed a bearish Pinbar near the strong resistance area at $1.1400. That area consists of a horizontal resistance level and a daily resistance trend line which add even more strength to this area.

From the resistance area, the price has pulled back to the previous resistance line of the H4 uptrend channel that is now acting as support.

A cross between the H4 uptrend line and horizontal support at $1.12806 makes that level strong support.

EUR/USD could move down to $1.12366 which has held the price from moving up in the past few days. From there, the price could find support for a further move up. If the price finds its way up and closes above $1.13427 on H4 time frame, we could see the price reaching $1.15000.

Trading recommendations:

Between $1.12806 and $1.12366 the price could find support where we should wait for a bullish price action signal before activating a buy order. Stop loss should be below $1.11871, the first take profit target at $1.13427, and second one at $1.14700.

Sellers should wait for the price reaching $1.14700 – $1.15000. That area could activate many sell orders that will drive the price down to $1.14000. Stop loss should be set at $1.15200 and take profit around $1.14000 – $1.13800.

Source: EUR/USD Intraday Analysis, June 8, 2020

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