EUR/USD overview for June 08, 2015

8 June, 2015

General overview

The US May labor market report was last week main even that shall set this week movement direction. The non-farm payrolls came out better than the forecasted medians. The leading indicators point out to the Non-Farm at 228K.

The euro strong growth against the US dollar was stopped at the resistance level of 1.1375. The short-term level testing was followed by the active price rebound downwards on the increased volume.

The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is declining.

Trading recommendations

We expect the return below the cloud, the first target might be the level of 1.0925. Otherwise the growth will be continued to 1.1260.

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