Weekly Technical Outlook: EUR/USD ; Market Forecasts for June 19th – June 23rd

• Resistance level 1.1282
• Pivot Level 1.216
• Support Level 1.1071, 1.1013, and 1.0981

Technical Analysis

The EUR/USD pair attempted to breach 1.1282 levels, keeping the upward trend on the daily close below it until now. This keeps the correctional bearish trend scenario valid until now and waits to resume the bearish wave that targets 1.1071 followed by 1.1013 levels on the near term basis.

It is important to note that retesting 1.1216 levels will complete conformation, which will push the price to test the most important support for short term trading at 1.1282 directly before any new attempts are made to change directions.

These levels represent the next trend keys with price action signaling a pin bar reversal and bearish momentum at negative stability below resistance area. Stochastic settles clearly within the 39.0 areas and gathers the negative momentum to confirm attempts in order to reach the waited target.

Therefore, our bearish trend expectations will remain valid and active on the short term basis. The targets begin by surpassing 1.1106 levels and open the way towards targeting as the next main station. Breaching these levels once retested will turn the price to the bearish channel again and leads the trading to the downside on the short and medium term basis.

Economic

• Non-monetary policy’s ECB meeting, Economic Bulletin
• Consumer Confidence, Markit Services PMI,
• Fed Monetary Policy Report, Existing Home Sales, Retail Sales
• Initial Jobless Claims, New Home Sales

Area of Interest

• Strong resistance at 1.1282 area and closed below resistance levels.
• Bearish pin bar reversal rejection on trend line.
• Price action closed below trend line and oscillator below 39.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame resistance levels.

For more detailed analysis from the author, please visit NoaFX.