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FX.co ★ Technical Analysis of EUR/USD for June 4, 2021

Technical Analysis of EUR/USD for June 4, 2021

Technical Market Outlook:

The EUR/USD pair has broken below the level of 1.2131, which was the last local technical support for the bulls. The next target for bears is seen at the level of 1.2051. If there is no sustained and coordinated up wave continuation above the level of 1.2266, the bears might strike even harder and push the prices towards the main channel lower line seen around the level of 1.1991. The momentum is weak and negative, which support the short term bearish outlook for Euro.

Weekly Pivot Points:

WR3 - 1.2356

WR2 - 1.2298

WR1 - 1.2235

Weekly Pivot - 1.2173

WS1 - 1.2117

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WS2 - 1.2059

WS3 - 1.1997

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent Doji candlestick high. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.2241 (25.02.2021) and 1.2350 (06/01/2021).

Technical Analysis of EUR/USD for June 4, 2021

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