FX.co ★ EUR/USD Technical Analysis and Trading Tips on June 20, 2022

As of this writing, EUR/USD is trading near 1.0535, testing an important short-term resistance level at 1.0527 (200 EMA on the 1-hour chart).

In case of its breakout, the upward correction may continue to the resistance level of 1.0616 (200 EMA on the 4-hour chart).

EUR/USD is in the zone of a long-term bearish market below the key resistance levels 1.0955 (144 EMA on the daily chart) and 1.1085 (200 EMA on the daily chart). Therefore, for now, its further corrective growth will most likely be limited by the resistance level of 1.0670 (50 EMA on the daily chart), and in the main scenario, there will be a rebound from the resistance level of 1.0527.

A breakdown of the local support level 1.0485 will return downside risks to 1.0300, and further towards parity with the euro against the dollar against the backdrop of a steady strengthening of the dollar and a deterioration in the prospects for the Eurozone.

In an alternative scenario, the price will break through the resistance levels of 1.0527, 1.0616, and 1.0670 and grow to the local resistance levels of 1.0780, 1.0800, and 1.0810. Further movements will largely depend on the dynamics of the dollar and the actions of the Fed and the ECB regarding their monetary policies.

Support levels: 1.0500, 1.0485, 1.0400, 1.0355, 1.0300, 1.0200, 1.0100, 1.0000

Resistance levels: 1.0527, 1.0616, 1.0670, 1.0780, 1.0800, 1.0810, 1.0955, 1.1000, 1.1085

Trading Tips

Sell Stop 1.0470. Stop-Loss 1.0565. Take-Profit 1.0400, 1.0355, 1.0300, 1.0200, 1.0100, 1.0000

Buy Stop 1.0565. Stop-Loss 1.0470. Take-Profit 1.0616, 1.0670, 1.0780, 1.0800, 1.0810, 1.0955, 1.1000, 1.1085