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.

Source: Technical analysis of EUR/USD for June 05, 2020

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