FX.co ★ EUR/USD analysis for June 06, 2022 - Breakout of the upside channel in the background

Technical analysis:

EUR./USD has been trading sideways in last couple of days but I still see further downside movement. There is the breakout of the upper channel in the background.

Trading recommendation:

Due to the breakout rising channel in the background and the mid and long term down trend I see potential for further downside movement.

Watch for potential selling opportunities with the downside objectives at 1.0640 and 1.0540.

Confirmation for the downside movement can be if the price breaks the support at 1.0700.

Key resistance is set at the price of 1.0775