EUR/USD: technical analysis 17.06.2019
The price has tested the support level of 1.1201 and was slightly corrected upwards, but the general downward trend maintains. The breakdown and pair’s sustained trading below the the level 1.1200 (Murray [3/8]) will let the price fall to the level of 1.1169 (Murray [2/8]). Alternatively, pullback above the level of 1.1230 (Murray [4/8]) can accelerate the pair towards 1.1261 (Murray [5/8]), which is the main target of upward correction. Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed downwards. The volumes of MACD histogram are growing in the negative zone. However, as the Stochastic is in the overbought area, and the price has broken the lower border of Bollinger Bands, the upward correction is not excluded.
Support and resistance
Support levels: 1.1200, 1.1169, 1.1138.
Resistance levels: 1.1230, 1.1261, 1.1291.
Short positions can be opened below the level of 1.1200 with the target at around 1.1169 and stop-loss 1.1210.
Long positions can be opened above the level of 1.1230 with the target at around 1.1261 and stop-loss 1.1220.