Forecast of the currency pair EUR / USD 24/06/20

Today we will take a look at the EUR / USD. During the first half of the European trading session, we saw a rather strong, but short-term downward movement. Nevertheless, there wasn’t enough selling interest to stay under the technical and at the same time psychological support level of 1.1300. As a result, a candle with a very long lower shadow and a small body formed on the hourly time interval, indicating increased demand under noted support.

Trading Outlook:

The main scenario takes into account the resumption of the upward movement with the first target at 1.1350 and further to 1.1420.

An alternative scenario will be activated if the currency returns, and remains, below the level of 1.1275.

To implement the main scenario, a sufficiently strong bearish signal for the USD is needed. It should be noted that there will be a lack of economic news during the American trading session, which will help reduce the trading activity of this currency pair. Thus, there is a risk of lateral formation in the range of 1.1270–1.1325.

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