Technical analysis of EUR/USD for 11.06.2019

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The EUR/USD pair did not move much as the bulls have pushed the price a little bit higher again and now are consolidating the recent gains. Nevertheless, there is a clear bearish divergence between the price and momentum oscillator in overbought market conditions, so traders should expect a sudden spike down.

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.

Technical analysis of EUR/USD for 11.06.2019