Technical Analysis of EUR/USD for June 12, 2020:

Technical Market Outlook:

The EUR/USD pair has made a pull-back towards the level of 1.1276 and this the exact level of 1:1 correction. The market moves up slightly and the mid-term trend on EUR/USD remains up, but the main long-term trend is still down. The key short-term technical support is still seen at the level of 1.1236 and 1.1148. The next target for bulls is the old swing high located at the level of 1.1419. If this level of clearly violated, then the next target is seen at the level of 1.1447 and 1.1483.

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).


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