EURUSD analysis for 09.06.2016

EUR is being empowered by the positive macroeconomic statistics in the Euro area and the US is publishing Wholesale Inventories and Wholesale Sales (M/M). The EURUSD pair is climbing up the ascendant channel and there have been a couple of pullbacks on the way. The support lies at 1.13790 with resistance at 1.14170 and both lines are above the weekly pivot point at 1.12780. The EMA of 10 has already surpassed the EMA of 75 and is following the price upwards. The MACD indicator is in positive territory, the RSI is hitting the 70 level at overbought area and the ADX is showing strong buyers. The upward trend will continue but there will be a correction around the 61.8 of Fibonacci retracement. The price will hit 1.1450 and after that there will be a correction.

https://fxglory.com/eurusd-analysis-for-09-06-2016/