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EURUSD has held above support at 1.1230-1.1250. This is a bullish sign. The longer price stays above this area of support, the higher the chances of seeing a new push higher towards 1.14.

Exchange Rates 11.06.2019 analysis

Red lines - wedge pattern (broken)

Green rectangle - support

EURUSD is challenging last week's highs. Breaking above them would be a bullish sign. Price pulled back towards the green rectangle support area and now it bounces off of it. Respecting this support is important for the bullish case we have been calling for the last few posts. The break outside of the wedge pattern has a minimum target of 1.1750. Our breakout and trend reversal was given with the break above 1.1260. Bulls could raise their stops at breakeven.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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