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Technical analysis of EUR/USD for June 4, 2015

1433417735_EURUSDH4.png

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Overview:

  • The resistance was broken and turned to support at the level of 1.1264. Moreover, the same level is coinciding with the ratio of 78.6% Fibonacci retracement levels in the H4 chart. The pair has already formed strong support at 1.1264. But it should be noticed that minor support will be set at the level of 1.1302. However, EUR/USD pair was not able to close below 1.1302 and 1.1264. Additionally, the price has been still moving between above these supports for a while. The RSI and moving average (14) are still calling for an uptrend from the level of 1.1264/1.1302. The market indicates a bullish opportunity at the levels of 1.1264/1.1302 with the first target at 1.1408 and continues towards 1.1466 in order to try to test the weekly double top. On the other hand, if the price closes below the major support, the best location for placing a stop loss should be below 1.1264. Thus, the price will call for a bearish market in order to go further towards 1.1235.


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