For the last few months we have seen the currency pair moving in a range between 1.1520 – 1.0540, providing a lot of opportunities for traders to make some money trading the pair. Past days of high volatility seems to be gone now a days that opened the room for profits. And now we can observe the price stagnating with a low volume. Direction less pair seems to be stagnation on mixed news from euro zone. But if we notice carefully, irrespective of fundamentals and purely on technical then we can notice that the currency pair is moving in an upward trend within the range supported by moving averages and we are expecting the pair to appreciate further from these levels. Still in the coming days we need to watch the developments in the fundamental front and the economic calendar.
As per the analysis, in the month of June, we are expecting EURUSD to appreciate from its current levels of 1.1185 to 1.1520. Pair moving above the strong resistance at 1.1520 may trigger further buying and the pair can further appreciate to 1.2191 levels. EURUSD depreciating below 1.1070 may bring in fresh selling pressure and the pair may deprecate further to 1.0540 levels.