Forecast for EUR / USD currency pair
Published on 01.06.2020 15:37

Today we will take a look at the EUR / USD currency pair. By the opening of the European trading session, the selling activity of USD increased significantly, as a result, the pair currency pair tested the resistance level of 1.1145 - the highest since the end of March this year. In this case, further growth of the pair can only be subject to the emergence of a strong bearish fundamental factor for the USD.
Trading outlook:


The return of the currency pair to the support area of 1.1070–1.1090 will significantly increase the risk of further declines. This scenario will be relevant only in case of a break of support of 1.1070 and takes into account a decline to 1.0990 and further to 1.0950.
At the same time, regarding further growth, it may be advisable to place more buy orders only if the resistance breaks at 1.1140 or in the case of a false breakdown of the support area of 1.1070–1.1090 and the quotes return above 1.1090.
During the US trading session, the ISM manufacturing index for the United States will be published.The publication of unexpectedly weaker data compared with the forecasts can put pressure on the USD, thereby supporting the EUR / USD currency pair. Otherwise, a bearish scenario will be implemented.

The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
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