EUR/USD Price Analysis: Solid resistance emerges at 1.0786

Market news

6 June 2022

EUR/USD Price Analysis: Solid resistance emerges at 1.0786

EUR/USD reverses the initial optimism and returns to 1.0720.
The resistance line around 1.0790 caps the upside so far.

EUR/USD now trades slightly on the defensive, although it manages well to keep above the 1.0700 mark on Monday.

Surpassing the 3-month resistance line, today at around 1.0765, should see the downside pressure subsided and allow for a probable move to the May top at 1.0786 (May 30). Further up appears the weekly peak at 1.0936 (April 21).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1226.

EUR/USD daily chart

Currencies. Daily history for Monday, June 6, 2022

Commodities. Daily history for Friday, June 3, 2022

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.