EUR/USD: review and forecast for June 08, 2015

June 8, 2015

Current trend

EUR/USD traded quite actively, in a range of 1.0886-1.1379 during the past week. But then the pair opened at 1.1098 on Monday night and continued to fluctuate near this level in the morning.   

Today must be a calm day for investors due to an almost empty economic calendar.

Technically, sidewards trading is the most plausible scenario for today. The price chart is fixed near the middle moving average of Bollinger bands while the bands are directed downwards.

Support and resistance

The lower line of Bollinger bands (1.0800) serves as the nearest support level, the upper band (1.1450) serves as resistance.

Trading tips

The pair will most likely continue trading sidewards, but still, pending SELL orders should be placed at 1.1055 with a target at 1.0800 and a protective order at 1.1205. 

Publication source
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