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EUR/USD Forex Signal Today 09/06: Double-Top Pattern (Chart)
(MENAFN- Daily Forex) Bullish view
- Buy the EUR/USD pair and set a take-profit at 1.1570. Add a stop-loss at 1.1215. Timeline: 1-2 days.
- Sell the EUR/USD pair and set a take-profit at 1.1215. Add a stop-loss at 1.1570.
The EUR/USD pair reacted to the US nonfarm payroll (NFP) data, which showed that the economy created 139,000 jobs in May.
EURUSD Chart by TradingViewEUR/USD technical analysisThe daily chart shows that the EUR/USD exchange rate has bounced back after bottoming at 1.1064 in May. It has rebounded to nearly 1.1500, moving above the key resistance level at 1.1213, the upper side of the cup and handle pattern.The pair has remained above the 50-day and 100-day moving averages. Also, the pair is slightly below the weak, stop & reverse point of the Murrey Math Lines at 1.1475.Therefore, the pair will likely keep rising in the near term. However, it must cross the resistance level at 1.1573 to invalidate the double-top pattern. A move above that level will point to more gains, potentially to the ultimate resistance at 1.1720.Ready to trade our free Forex signals ? Here are the top brokers in Europe to choose from.
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