Technical analysis on EURUSD for June 12, 2018

The EUR/USD pair was under pressure yesterday as the price fell as far as the 1.1740 area. The longer-term strategy and view remains bullish targeting 1.20. A pullback towards 1.17 is considered a buying opportunity.

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Yellow rectangle - support area

Red line - RSI resistance

Magenta line - expectations

Short-term resistance is at 1.1815. As long as the price is below that area, I believe another pullback towards 1.17 is very possible. It is also important to watch the RSI (14) on the 1-hour chart as the price remains below its resistance. A bullish sign for EUR/USD would be a break of the RSI price above its resistance trend line. If EUR/USD breaks above 1.1815, but the RSI remains suppressed, this would be a bearish sign. My longer-term view remains bullish expecting a move towards 1.20.

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