FX.co - EUR/USD analysis for June 16 2021 - Potential for further drop towards 1.2000

2021-06-16T11:38:53

Relevance until2021-06-17

Technical analysis:

EUR/USD analysis for June 16 2021 - Potential for further drop towards 1.2000

EUR/USD has been trading sideways at the price of 1.2120 but there is bear flag pattern in creation, which is good sign for further drop.

Trading recommendation:

Watch for selling opportunities with the downside targets at the price of 1.2060 and 1.2000.

Stochastic is showing fresh bear cross, which is another sign of weakness.

SUpply trendline still active, which is good confirmation that trend is bearish....

*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 16 2021 - Potential for further drop towards 1.2000