Forecast for the currency pair EUR / USD-10/06/20
Published on 10.06.2020 15:20

Today we will take a look at the EUR / USD currency pair. During the European trading session, the pair tested a narrow resistance area of 1.1370–1.1385. A break of the mentioned price range will indicate buying interest and the possibility of further growth to 1.1480–1.1500. A surge in trading activity may occur after the latest interest rate decision and monetary statement from the US Federal Reserve


Trading Outlook:
The main scenario takes into account a breakthrough of the resistance level at 1.1370–1.1385 and, as a result, further growth to 1.1480–1.1500.
An alternative scenario does not indicate a round of selling of the currency pair, but a lack of buying interest. This may cancel the main scenario in case of a breakthrough of the support level at 1.1330. In this case, the risk of a decline to 1.1250 will increase significantly.
Since the likelihood of a rate hike is extremely low and most experts expect the Fed to take a soft tone during the press conference, there is a risk of the USD weakening during the US trading session.
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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