Technical Analysis of EUR/USD for June 4, 2020:

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Technical Market Outlook:

The EUR/USD pair has hit the level of 1.1236 as anticipated, but the move up has ended with a Doji candle at its very top. Please notice, the market conditions are now overbought and despite the positive and strong momentum the price might start a corrective pull-back towards the nearest technical support located at the level of 1.1150. Any violation of this level would indicated a deeper move down towards the level of 1.1048. The daily time frame trend remains up.

Weekly Pivot Points:

WR3 – 1.1499

WR2 – 1.1307

WR1 – 1.1241

Weekly Pivot – 1.1045

WS1 – 1.0959

WS2 – 1.0772

WS3 – 1.0680

Trading Recommendations:

On the EUR/USD pair the main long term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

The material has been provided by InstaForex Company – www.instaforex.com