Technical analysis of EUR/USD for 12/06/2019:

Technical Market Overview:

The EUR/USD pair step by step is slowly climbing higher towards the technical resistance at the level of 11347, but there is a clear bearish divergence between the price and momentum oscillator in overbought market conditions. If the local technical support at the level of 1.1305 is clearly violated, then the sell-off might accelerate towards the level of 1.1250 or even 1.1224. That move down will be considered as a local pull-back as along as new low is made below 1.1118, so the outlook remains bullish.

Weekly Pivot Points:

WR3 – 1.1598

WR2 – 1.1464

WR1 – 1.1422

Weekly Pivot Point: 1.1290

WS1 – 1.1228

WS2 – 1.1091

WS3 – 1.1040

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is now up. All the local pull-backs and corrections should be treated as another opportunity to open the buy orders for a better price. There is a downtrend reversal sign on the weekly time-frame chart, which is why the recent move up might be the beginning of the new uptrend.

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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