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Technical analysis of EUR/USD for June 17, 2015

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Overview:

  • Accordingto the previous events, the EUR/USD pair is still trapping between 1.1195 and 1.1327. The levels of 1.1195 and 1.1327 represent support and resistance respectively. From here, the level of 1.1327 is the strong resistance, but the double top has already set at the point of 1.1386. Moreover, the minor resistance has set at the level of 1.1300. On the other hand, the support has been placed at 1.1195. Additionally, it should be noted that the level of 1.1195 is coinciding with a ratio of 61.8% Fibonacci retracement levels. Therefore, the market was calling for an uptrend for that the trend broke the resistance. The resistance became the strong support yesterday. So, buy above the level of 1.1203 in the long term with the first target at 1.1327. If the trend is able to break the weekly resistance at the level of 1.1327, it might resume towards 1.1386 in order to test the double top in the H1 chart this week.


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