FX.co ★ June 7, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200 allowing further bullish advancement to occur towards 1.1300-1.1315 (supply zone) where significant bearish rejection was demonstrated on April 15.

For Intraday traders, the price zone around 1.1235 stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed on April 23.

Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for a while)

On the period between May 17th and 20th, a bearish breakdown below 1.1175 was temporarily achieved.

As expected, further bearish decline was expected towards 1.1115. This is where significant bullish recovery was demonstrated bringing the EURUSD pair back above 1.1175.

Recently, The EURUSD pair has maintained bullish persistence above the highlighted price level (1.1175).

That's why, further bullish advancement was expected towards 1.1235 then 1.1320 which both failed to apply any significant bearish pressure on the EURUSD pair.

Recent Bullish breakout above 1.1320 renders it a newly-established demand level to be watched for BUY entries when bearish pullback occurs.

Please also note that Bullish persistence above 1.1320 enhances quick bullish advancement towards 1.1420 - 1.1450.

On the other hand, re-closure below 1.1320-1.1300 would probably allow another bearish pullback to occur towards 1.1235 where recent price action should be considered.

Trade recommendations :

A valid BUY entry was suggested around the price levels of (1.1220-1.1235). It's already running in profits.

Remaining Target levels to be located around 1.1380. Stop loss should be advanced to 1.1280 to secure some profits.