Technical Analysis of EUR/USD for June 15, 2022

Energy and Metals Decline, Wheat Rallies Amid Disappointing Chinese Growth

Relevance up to 08:00 2022-06-16 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.

Technical Market Outlook:

The EUR/USD pair had broken out of the channel and made a new local low at the level of 1.0399, so the WXY complex corrective cycle was extended to the downside, deeper inside the bearish zone. Nevertheless, the correction looks completed now as the bulls continue to move higher. The nearest technical resistance seen at the level of 1.0469 had been broken and the bulls are heading towards the next technical resistance located at 1.0532. Please notice, the extremely oversold market conditions support the short-term bullish outlook for EUR, good enough for a bounce and the technical resistance level test.

 

Exchange Rates 15.06.2022 analysis

 

Weekly Pivot Points:

WR3 - 1.0901

WR2 - 1.0839

WR1 - 1.0647

Weekly Pivot - 1.0577

WS1 - 1.0379

WS2 - 1.0301

WS3 - 1.0101

Trading Outlook:

The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0335). The 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 1.0335 or below.

 

Read more: https://www.instaforex.eu/forex_analysis/280131

Energy and Metals Decline, Wheat Rallies Amid Disappointing Chinese Growth

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