EUR/USD: technical analysis 14.06.2019

EUR/USD: technical analysis 14.06.2019

Current trend

On the 4-hour chart, EUR/USD is falling along the lower line of the Bollinger Bands. The price is approaching a support in the region of 1.1261 (Murray [5/8]). Assuming the pair’s ability to cross 1.1261 mark, the level of 1.1230 (Murray [4/8]) can be targeted if holding short positions. The level of 1.1230 seem a key level for the sellert in short term period. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.1200 (Murray [3/8]). If the “bulls” manage to raise the rate above the level of 1.1291 (Murray [6/8]), the correction can continue to the area of 1.1322 (Murray [7/8]). Technical indicators mostly keep a sell signal. Bollinger Bands are diverging, reflecting the active development of the current downward trend. The volumes of MACD histogram are growing in the negative zone. Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 1.1261, 1.1230, 1.1200, 1.1169.
Resistance levels: 1.1291, 1.1322, 1.1352, 1.1383.

Trading recommendations

Short positions can be opened below the level of 1.1261 with the target at around 1.1230 and stop-loss 1.1271.
Long positions can be opened above the level of 1.1291 with the target at around 1.1322 and stop-loss 1.1281.