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FX.co ★ EUR/USD Analysis for 16 June

EUR/USD Analysis for 16 June

EUR/USD Analysis for 16 June

EUR/USD is trading above 1.21 in limited, typical pre-Federal Reserve trading. Markets await the bank's dot plot and Chair Powell's comments on potential tapering of the Fed's bond-buying scheme.

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The currency pair is suffering from downside momentum on the four-hour chart and the price is capped at 1.2150 previous swing high region. That is critical resistance for the current price.

Above 1.2150, the next levels to watch are 1.2160, a cushion from early in the month, followed by 1.22 and 1.2220, which capped EUR/USD last week. The next levels are 1.2250 and 1.2266.

Some support awaits at 1.2110, a support line from earlier in the week, and then by 1.2090, June's low. Further down, 1.2055 and 1.2015 are eyed.

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