FX.co ★ Technical Analysis of EUR/USD for June 7, 2021

Technical Market Outlook:

The EUR/USD pair has broken out of the consolidation zone and made a new local low at the level of 1.2104. The market trades out of the main channel as well, but the market conditions are neutral. The key short-term technical resistance is seen at the level of 1.2181 and the bounce had been capped around this level already. If there is no violation of this level soon, the bears might push the price lower towards the next technical support seen at 1.2051.

Weekly Pivot Points:

WR3 - 1.2381

WR2 - 1.2314

WR1 - 1.2237

Weekly Pivot - 1.2170

WS1 - 1.2081

WS2 - 1.2017

WS3 - 1.1937

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).