20.06.201915:25 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 20, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

The EUR/USD pair is set above strong support at the levels of 1.1301 and 1.1259. This support has been rejected four times confirming the uptrend. The major support is seen at the level of 1.1259, because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend in the area of 1.1259 and 1.1301. The EUR/USD pair is trading in the bullish trend from the last support line of 1.1259 towards thae first resistance level of 1.1348 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.1348 and further to the level of 1.1389. The level of 1.1389 will act as the major resistance and the double top is already set at the point of 1.1348. At the same time, if there is a breakout at the support levels of 1.1301 and 1.1259, this scenario may be invalidated.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.