EUR/USD: technical analysis 12.06.2019

EUR/USD: technical analysis 12.06.2019

Current trend

On the 4-hour chart, EUR/USD is growing along the upper line of the Bollinger Bands. The lack of long-term corrections reflects the strength of the current trend. If the current trend maintains, the next targets of buyers will be the level of 1.1352 (Murray [8/8]). The level of 1.1352, can prevent the instrument form growing, as the possibility of the reverse of the price is high there, while its breakout would allow the raise to continue to the level of 1.1383 (Murray [+1/8])-1.1413 (Murray [+2/8]). Alternatively, pullback below the level of 1.1314 (the middle line of Bollinger Bands) could lead the price to the 1.1291 (Murray [6/8])-1.1261 (Murray [5/8]) level. Technical indicators reflect the moderate maintenance of the current upward trend. Bollinger Bands and Stochastic are pointed upwards. MACD volumes are in the positive zone and are moving along the zero line.

Support and resistance

Support levels: 1.1322, 1.1291, 1.1261, 1.1230.
Resistance levels: 1.1352, 1.1383, 1.1413.

Trading recommendations

Short positions can be opened below the level of 1.1322 with the target at around 1.1291-1.1261 and stop-loss 1.1340.
Long positions can be opened above the level of 1.1352 with the target at around 1.1383-1.1413 and stop-loss 1.1332.