FX.co ★ Fractal analysis of EUR/USD. Trading recommendations

For now, we observe the evident initial conditions on EUR/USD for development of a stable upward tendency in H1 scale.

Forecast for June 10:

Today, the key levels for EUR/USD are 1.2227, 1.2193, 1.2114, 1.2081, 1.2061, 1.1942, 1.1875, 1.1803 and 1.1657. Here we cannot see clear initial conditions for development of mid-term uprising cycle yet. A short-term top is expected in the range of 1.2081-1.2114, a breach of the last reading should be accompanied by a strong ascendant movement, here the target is 1.2193. Before the level of 1.2193, we wait for formation of full structure for determining further targets. The diapason of 1.2193-12227 is noise. A short-term downward movement is possible after a breakout of the level of 1.1942, in this case targets are not determined. The level of 1.1875 is a key support for the top from June 7, the breakout of it will allow a probability of development of falling tendency for this pair, here the first target is 1.1803.

Trading recommendations:
Buy: 1.2081 Take profit: 1.2113
Buy: 1.2115 Take profit: 1.2193
Sell: 1.1875 Take profit: 1.1830
Sell: 1.1801 Take profit: 1.1675