10.06.202208:46 Forex Analysis & Reviews: Technical Analysis of EUR/USD for June 10, 2022

Technical Market Outlook:

The EUR/USD pair had terminated the ABC-x-ABC complex corrective cycle as expected, however, please notice, the ABC-x-ABC cycle might evolve into more complex correction in form of ABC-x-ABC-x-ABC. This even more complex cycle might consume ever more time as well, so please be patient. Once the corrective cycle is completed, the new impulsive wave to the upside might start with a target at the level of 1.0942 or above. The odds for another wave up remain high as long as the market trades above the low of the wave (Y) seen at 1.0610.

Weekly Pivot Points:

WR3 - 1.0954

WR2 - 1.0872

WR1 - 1.0789

Weekly Pivot - 1.0707

WS1 - 1.0623

WS2 - 1.0551

WS3 - 1.0480

Trading Outlook:

The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.