FX.co ★ Trading plan for EURUSD for June 28, 2021

Technical outlook:

EURUSD might be preparing to break lower towards 1.1700 levels in the near term. Subsequently, the currency would also break below its trend line support since March 2020 lows. It would be further bearish thereafter and drag towards 1.1300 levels at least in the next few weeks. Only a break above 1.2266 would nullify the above bearish structure.

EURUSD is seen to be trading around 1.1935 levels at this point in writing, after having tested 1.1975 highs on last Friday. The pullback rally from 1.1850 might be complete and bears could be back in control soon. Immediate resistance is seen towards 1.2200, followed by 1.2266; while support comes in around 1.1700 levels respectively.

The recent boundary which is being worked upon is between 1.2150 and 1.1850 levels for now. Prices have managed to test fibonacci 0.382 retracement until Friday, which is enough to resume lower again. On the flip side, bulls might test 1.2000 handle again before EURO turns lower again.

Trading plan:

Remain short, stop @ 1.2266, target is 1.1700 and 1.1300 respectively.

Good luck!