EUR/USD Daily Analysis: June 20, 2019 The EUR/USD trend will be relative to trader’s sentiment to the level of 1.1307 with an upward momentum. If the price stayed over the level of 1.1318, this would confirm the upward trend. However, there is a chance for the pair to shift downward if they did not succeed to reach the support 50% at 1.1270. The common currency is trading above the US dollar and adjust with the chances of a rate cut in July, influenced by a dovish monetary policy of Fed and rhetorics by Fed chair, Jerome Powell. The Fed fund futures also shows that traders places their bets on rate cuts for the months of July, September and December. The euro major pair is trading slightly above the level when the ECB President Draghi expressed his dovish sentiments on Tuesday. Hence, it means that markets will either square (close their existing positions) or cover for the rally. However, if the buyers are successful in the level above 1.1348, this can shift the trend. Overall, the trend is downward looking at the daily chart. The trend shifted downward when the sellers try to take the bottom level of 1.1204. A breakthrough to 1.1181 would mean a continuation of the descending trend. The major retracement area is around 1.1270 to 1.1318, which can act as resistance. A prolonged move above 1.1307 signifies the presence of buyers, which could lead to a short-rally at 1.1318. However, if the market fails to break the level of 1.11307 and consolidate at this level would indicate the presence of sellers. The upward momentum can be confirmed of the price movement towards 1.1318 is sustained but could turn downward when the support level fails at 1.1270 (50%).