Technical Analysis for EURUSD for 12th June 2023

Technical Analysis for EURUSD for 12th June 2023

Euro Set for Recovery, Bulls Must Hold above $1.0750

Past Performance of EURUSD

There are attempts at higher highs in the daily chart. After losses throughout May, the downtrend could be over for the euro. Even so, the failure of bulls to push higher on June 9 questions the strength of the uptrend. The immediate support lies at $1.0750; if euro edges higher today, there may be more upsides in the days ahead.

EURUSD Technical Analysis

Buyers are confident, looking at the daily chart. The bull bar of June 8 is bullish engulfing and broke above $1.0750. However, with bulls failing to confirm the uptrend last week, how prices react today could shape the immediate-term trend. Nonetheless, per the candlestick arrangement in the daily chart, aggressive euro traders may look for entries to buy the dip above June 8 lows at $1.0690 while aiming at $1.0950 or better in the sessions ahead. 

Any dump below this line invalidates this preview, paving the way for sellers to press on targeting $1.0500.

What to Expect from EURUSD

The long-term preview supports bears, but the trend is shifting, looking at the daily chart. If the euro closes above $1.0750 by today’s close, there might be more gains in the sessions ahead as the currency recovers.


Resistance level to watch: $1.0950

Support level to watch: $1.0750


Disclaimer: Opinions expressed are not investment advice. Do your research.

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