FX.co ★ Technical analysis of EUR/USD for June 1-5, 2015

The weekly technical analysis of EUR/USD pair:

Overview:

• The level of 1.1008 will indicate strong resistance on June 1, 2015. Moreover, we expect the level of 1.1008 to form a double top at this spot in the H1 chart. On the other hand, the minor support has been set at 1.0938 and the major support is seen at 1.0890. Also, the double bottom is expected to be placed at 1.0891. Furthermore, according to the previous events, the EUR/USD pair is still moving between the levels 1.0900 and 1.1010. Consequently, it will be wise to sell in the area of 1.1010 with the targets at 1.0970 and 1.0938 (the weekly pivot point) in coming hours. The stop loss should be placed above the level of 1.1010. It will be very useful to set your stop loss at 1.1052.

Notes:

• The double top will be set at 1.1008.
• The major support is seen at 1.0891.
• The minor support was found at 1.0936.
• The price has only hit the minor support.
• We expect a range of 71 pips today.