Technical analysis update: EURUSD (25th June 2021)

EURUSD sold off last week after FOMC decision. It halted its decline at 1.18471 USD. We think this downward pressure is just temporary until market processes what was conveyed at FOMC. Currently, we think that EURUSD is very attractive in terms of pricing. RSI reversed to the upside from oversold area on daily timeframe. In addition to that MACD direction seems to change from downward to sideways. Stochastics also reversed little bit to the upside and became neutral. Price is currently far away from its 20-day and 50-day Simple Moving Average. We think EURUSD has good potential to grow. Because of that we set our short term price target for EURUSD to 1.20 USD and our medium price target to 1.21 USD.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Trade closed: stop reached