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EUR/USD June 8 Trading Strategy

On Friday (June 8) in the Asian market, the euro (1.1793, 0.0000, 0.00%)/US dollar continued to trade below 1.1800, and finished lower in the previous day.

Trader AceTrader's Forex Analysis Team analyzes the trading strategies in EUR/USD for the following text:

Although the euro retreated from the three-week high of 1.1840 hitting Thursday, as long as the 1.1780/90 level is held, the outlook remains mildly bullish. The euro’s rally from the October low of 1.1510 hit in May may extend to the 1.1860/70 level, but the lack of upside action will keep the exchange rate below 1.1907.

On the downside, a break below 1.1760 confirms that the aforementioned rally has formed a short-term top, and there may be a strong retreat to 1.1744 or even 1.1705/10.