EUR/USD Technical Outlook – June 8th

  • EURUSD spot price is currently testing 1.2500 support, which is being reinforced by support barriers below at the May 25th session low of 1.2495.  Additionally, the 1.2500 round figure is being buoyed by a 1.2287-1.2440 ascending trendline – increasing the likelihood that the aforementioned level will hold against any decline in price.
  • The barriers should spark enough of an impetus for bidding through 1.2550 initial resistance level and a retest of the 1.2624 June 7th session high.
  • Any breakdown and subsequent close below the round figure barrier would ultimately negate the above notion, and set sights downward towards the round figure support of 1.2400.

More on the Euro - Euro’s Short Term Future Dependent On Spanish Auction