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FX.co ★ Intraday technical levels and trading recommendations for EUR/USD for June 8, 2018

Intraday technical levels and trading recommendations for EUR/USD for June 8, 2018

Intraday technical levels and trading recommendations for EUR/USD for June 8, 2018

Daily Outlook

The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.

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Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.

The price zone (1.1850-1.1750) failed to offer sufficient bullish demand when a descending high was established around the price level of 1.1980.

The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, significant bearish pressure is being applied since then.

As bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) was maintained to enhance further bearish decline towards 1.1520 (the upper limit of the depicted demand zone).

The price zone (1.1420-1.1520) stood as a prominent Demand zone where the current bullish pullback was established on May 30.

Conservative traders can wait for bullish pullback towards the current price levels (1.1800-1.1850) for a valid SELL entry. S/L should be placed above 1.1530.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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