InstaForex - Analytics

    InstaForex

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    EUR/USD Trading Recommendation (1 week view) for 22nd June 2016

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    EUR/USD is in a strong ascending channel and is close to pullback support. We can see strong support on the RSI (21), too, showing that we are in a bullish configuration with little resistance expected. 1.1080 is close to the 50% fibonacci retracement and, importantly, is a key graphical overlap support which is why it is our stop loss.

    We play a move all the way up to 1.1500 before 1.1640 because those are the 2 key graphical resistance levels.

    Trading recommendations:

    Buy now

    Stop loss at 1.1080

    1st take profit at 1.1500

    2nd take profit at 1.1640


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