FX.co ★ EUR/USD analysis for June 01, 2022 - Potential for bigger drop

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0720 but I still see potential for the downside movement due to the breakout of rising channels.

Trading recommendation:

Due to the breakout of main upside channel and the mini upside channel in the background, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the next downside objectives at 1.0645 and 1.0545.

Stochastic oscillator is showing new fresh bear cross, which is another confirmation that we might see downside movement.

Key resistance is set at the price of 1.0785