FX.co ★ Technical analysis of EURUSD for June 6, 2019

EURUSD made a break above 1.1260 horizontal resistance but the current 4 hour candle is a bearish one indicating a false break out. This is a bearish sign. Bulls need to retake 1.1250-1.1260 otherwise they will be in trouble.

Blue rectangle - resistance

Green rectangle - support

Despite breaking above the horizontal resistance at 1.1260, bulls were not strong enough to hold above it. The Daily candle implies a reversal at least in short-term trend back to bearish. Price should be heading for a back test towards 1.120 or 1.1190. It will be bullish if price touches any of these two levels and bounces. Breaking below these levels would support the bearish scenario of a false breakout. A daily close above 1.1250 would negate the negative impact of this pull back.