Technical Analysis of EUR/USD for June 07, 2021

Overview:In the H4 time frame, the EUR/USD pair continues to move in an uptrend from the level of 1.2093 since yesterday. So, major support is seen at 1.2093, while immediate resistance is found at 1.2204. Besides, it should be noted that the support coincides with the ratio of 38.2% Fibonacci Expansion. Today, we guess that the pair will be traded higher in the early session and try to reach the first resistance at the level of 1.2204. The bias is neutral in the nearest term probably with a little bullish bias testing 1.2166 area which needs to be clearly broken to the upside to keep the bullish scenario strong. A clear break above that area (1.2166 ) could lead the price to the neutral zone in the nearest term testing 1.2266. Thus, we confirm the bullish scenario. On the downside, a clear break and daily close below 1.2266 could trigger further bearish pressure testing 1.2100 which represents a double bottom. Consequently, the EUR/USD pair is able to close below the support of 1.2100 on the four-hour chart; the trend will continue its bearish momentum today. As a result, it is gainful to sell below this price (1.2266) with targets at 1.2056 and 1.1986. However, the bullish trend is still expected for the upcoming hours as long as the price is above 1.1986 levels.

Comment :

The EUR/USD pair climbed from 1.2126 to 1.2266. The strong resistance will be formed at 1.2266. Daily pivot is set at 1.2093. The market is still indicating a strong bullish trend from the area of 1.1986.