EUR/USD: review and forecast for June 10, 2015

June 10, 2015

General overview

The euro/dollar has been showing a high volatility since the summer beginning which may be related to the liquidity drop in the summer months. We have seen quite contradictory movements in major currency pairs in the last 2 weeks. The weak UK trade balance may support the cross-rate EUR/GBP which in turn will allow the pair EUR/USD to test the level of 1.1450.

The Friday's dollar growth was offset by the strong euro growth. Buyers not only managed to get out of the descending channel, but also to break through two resistance level of 1.1260.

The price is finding the first support at 1.1260, the next one is 1.1150. The price is finding the first resistance at 1.1450, the next one is at 1.1675.

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 shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The upward bounce potential target are 1.1450, 1.1675.

Publication source
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