FX.co ★ EUR/USD analysis for June 22, 2022 - Breakout of the rising channel in the background

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0520. I see the breakout of the rising channel in the background and potential for the downside movement.

Trading Recommendation:

Due to the breakout of the upside channel in the background, I see potential for further downside movement.

Watch for selling opportunities on the intraday rallies with the downside objectives at 1.0450 and 1.0380.

Stochastic is showing extreme reading and fresh bear cross, which is another confirmation for the potential downside movement.

Key resistance is set at 1.0600