Technical analysis of EUR/USD for 07.06.2019

Technical Market Overview:

The EUR/USD has bulls has made another rally attempt overnight and made a marginally higher high at the level of 1.1307, but the rally did not last long and it was faded quickly. The price hit the technical support at the level of 1.1224 again as the battle between bulls and bears continues. Currently, the price is trading around the level of 1.1264 in overbought market conditions with positive but not that strong momentum. The level of 1.1206 is the key technical support for the bulls and any violation of this level will open the road towards the support at 1.1118.

Weekly Pivot Points:

WR3 - 1.1310

WR2 - 1.1261

WR1 - 1.1211

Weekly Pivot - 1.1159

WS1 - 1.1114

WS2 - 1.1061

WS3 - 1.1012

Trading Recommendations:

The best strategy in the current market conditions is to trade in the overbought and oversold market conditions as long as the price is moving inside of the consolidation zone. Any breakout in either direction (the larger time frame trend is down) will eventually give the direction for the short-term trend move and this is when the strategy for a breakout will be applicable.

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