FX.co ★ EUR/USD analysis for June 08 2021 - Completion on the ABC upside correction and potential for drop towards 1.2000

Technical analysis:

EUR/USD has been trading downwards today as I expected. I still see potential for the bigger drop towards $1.860.

Trading recommendation:

Watch for potential selling opportunities on the rallies using the intraday time-frames like 15/30 minutes.

Downside targets are set at the price of 1.2105 and 1.2000.

Stochastic is showing overbought condition and fresh bear cross, which is another sign and confirmation for the downside rotation.

Additionally, there is the breakout of the rising wedge in the background and potential completion of the ABC upside correction, which is good sign for further downside.