Technical Analysis of EUR/USD for June 22, 2022

Energy and Metals Decline, Wheat Rallies Amid Disappointing Chinese Growth

Relevance up to 07:00 2022-06-23 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 from a narrow zone located between the levels of 1.0489 - 1.0545 that looked like a Bullish Pennant pattern. Nevertheless, the rally was short-lived as it was capped at the level of 1.0582 after a Piercing Pattern was made. The nearest technical support is seen at 1.0469 - 1.0448, so as long as the market trades above this zone, the outlook remains bullish. Please notice, that despite the recent efforts, the bulls are still trading inside the bearish zone, the level of 1.0615 is still unreachable for them, and they need to break above the level of 1.0678 to enter the bullish zone.

 

Exchange Rates 22.06.2022 analysis

 

Weekly Pivot Points:

WR3 - 1.0840

WR2 - 1.0724

WR1 - 1.0600

Weekly Pivot - 1.0479

WS1 - 1.0363

WS2 - 1.0238

WS3 - 1.0113

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) and the market breaks above 1.0678 level. 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/281203

Energy and Metals Decline, Wheat Rallies Amid Disappointing Chinese Growth

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu

 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.44%. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.