02 Jun Weekly Forex Review (June 3 – 7 June -2019)
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EURUSD will most likely approach a falling trend-line ,looking left, we see that identified vertical resistance matches perfectly with horizontal structure resistance on the left. So, for us, the area around 1.119 is a very good zone to sell the market. Initial target around 1.116. Second target 1.113.
The price bounced from the support zone at 0.65000 level. At the same time, we got a trend reversal signal based on a bullish divergence and the breakout above the downtrend line, which confirmed the trend reversal.
RSI confirmed the price reversal from the support zone . MACD lines and histogram support further upward movement. DMI is bearish and confirms trend market conditions. But ADX line falls and allows opening long trades.
If the price breaks the local swing high, it will give us a new buy opportunity with stop orders below the support level and the local swing low. Profit targets should be placed at the nearest resistance levels.
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