FX.co ★ Trading plan for EUR/USD for June 07, 2022

Technical outlook:

EUR/USD has been sliding gradually to its interim support around the 1.0630 low registered last week. The pair dropped through the 1.0650-60 zone during the Europe Session. It bounced to 1.0690 a bit earlier. Bears are still inclined to hold prices below 1.0786 and drag them to 1.0520 before resuming higher.

EUR/USD has carved a recent upswing between 1.0350 and 1.0786 which is being corrected. If it drops below 1.0630/ it is likely to decline to 1.0520, which is the Fibonacci 0.618 retracement level of the above rally. Bulls have an edge since they broke above the initial resistance around 1.0630-40 mark earlier. Bottom line remains 1.0350 interim support though.

EUR/USD seems to be unfolding a larger degree corrective rally from the 1.0350 low. The first leg terminated around the 1.0786 mark, while the second leg is unfolding towards 1.0520 levels. If the above structure unfolds accordingly, bulls will be poised to push through 1.11 and up to 1.15.

Trading plan:

Potential rally through 1.11 against 1.0300

Good luck!