Euro To US Dollar (EUR/USD) - Technical Analysis - 06/06/22 | InstaForex

What's ahead of Euro against greenback today? Let's look at Stefan Doll's review

Relevance up to 10:00 2022-06-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Technical Market Outlook:

The EUR/USD pair has bounced from the level of 1.0621 which was a key short-term technical support and the target level for the wave C of the overall ABC simple corrective cycle. The bulls managed to break through the short-term trend line resistance, entered the bullish zone and are heading higher towards the wave 5 top seen at 1.0787. This level might be violated and in that situation the next target for bulls is seen at 1.0836 and 1.0866. The strong and positive momentum supports the short-term bullish outlook for EUR.

 

Exchange Rates 06.06.2022 analysis

 

Weekly Pivot Points:

WR3 - 1.0954

WR2 - 1.0872

WR1 - 1.0789

Weekly Pivot - 1.0707

WS1 - 1.0623

WS2 - 1.0551

WS3 - 1.0480

Trading Outlook:

The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.

What's ahead of Euro against greenback today? Let's look at Stefan Doll's review

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