Technical Analysis of EUR/USD for June 9, 2020

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Technical Market Outlook:

After a Shooting Star candlestick pattern was made at the supply zone located between the levels of 1.1347 – 1.1361 the EUR/USD pair has reversed a little towards the nearest technical support seen at the level of 1.1236. The key short-term technical support is still seen at the level of 1.1148. Please notice, the market has started coming off the overbought conditions, so the odds for the move down are now high. The mid-term trend on EUR/USD remains up, but the main long-term trend is still down.

Weekly Pivot Points:

WR3 – 1.1696

WR2 – 1.1546

WR1 – 1.1432

Weekly Pivot – 1.1266

WS1 – 1.1137

WS2 – 1.0969

WS3 – 1.0859

Trading Recommendations:

On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of EUR/USD for June 9, 2020:

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