FX.co ★ EUR/USD analysis for June 09, 2020 - Bigger drop incoming on the EUR/USD due to the breakout of the upward channel. Downside target set at 1.1195

Corona virus summary:

As the US enters the heat of summer and coronavirus restrictions start to wind down, public health experts are already noticing a concerning trend – an uptick in Covid-19 cases in parts of the country.

Technical analysis:

EUR/USD has been trading downwards as we expected. The price broke the important pivot support at 1,1284. I see further downside movement towards the levels at 1,1195 and 1,1125.

Trading recommendation:

Watch for selling opportunities on the rallies due to the breakout of the upward channel and decent momentum to the downside.

Resistance levels are set at the price of 1,1315

Support levels are set at the price of 1,1196 and 1,1125