FX.co - EUR/USD analysis for June 04 2021 - Watch for selling opportuntiies due to overbought intraday condiiton

2021-06-04T14:10:15

Relevance until2021-06-06

Technical analysis:

EUR/USD analysis for June 04 2021 - Watch for selling opportuntiies due to overbought intraday condiiton

EUR has been trading upwards after the Non-farm numbers but I see overbought condition and potential for the downside rotation towards 1.2120.

Trading recommendation:

Watch for potential selling opportunities if you see exhaustion in price action and exhaustion patterns.

Downside target is set at the price of 1.2120

Stochastic is showing overbought condition and potential for the downside rotation.

Resistance is set at 1.2180/90

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

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for June 04 2021 - Watch for selling opportuntiies due to overbought intraday condiiton