03.06.202221:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for June 03, 2022

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Overview :

The EUR/USD pair will continue to rise from the level of 1.688 in the long term. It should be noted that the support is established at the level of 1.688 which represents the daily pivot point on the H1 chart.

The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.0707.

So, buy above the level of 1.0707 with the first target at 1.0752 in order to test the daily resistance 1. The level of 1.0787 is a good place to take profits because it will test the double top.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.

If the trend is able to break the level of 1.0787, then the market will call for a strong bullish market towards the objective of 1.0820 today.

On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0688, a further decline to 1.0627 can occur. It would indicate a bearish market.

According to the previous events the price is expected to remain between 1.0627 and 1.0820 levels.

Buy-deals are recommended above 1.0688 with the first target seen at 1.0752. The movement is likely to resume to the point 1.0787 and further to the point 1.0820.

The descending movement is likely to begin from the level 1.0820 with 1.0688 and 1.0627 seen as targets.

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