Technical Analysis for EURUSD for 13th June 2023

Technical Analysis for EURUSD for 13th June 2023

Euro Gains Constrained, Upside Remains above $1.0700

Past Performance of EURUSD

The uptrend remains, and the euro could edge higher in the days ahead despite the long upper wick suggesting liquidation in the closing session of June 12. However, the bullish outlook remains provided euro is above $1.0700 or June 8 low.

EURUSD Technical Analysis

Technically, the path of least resistance is southwards from a top-down preview. Even so, following a 3.6% drop from April highs, euro is finding support from the 78.6% Fibonacci retracement level of the March to April trade range. As such, the short-term preview is bullish, with the June 8 bullish engulfing bar anchoring this outlook. As it is, any break above June 8 highs at $1.0800, ideally with expanding volumes, may see the euro float higher in recovery towards $1.0850 and $1.0950. Conversely, any dip below $1.0700 nullifies this optimistic outlook.

What to Expect from EURUSD

Aggressive traders may look for entries on dips within the June 8 bar, accumulating as they expect gains from an effort-versus-result perspective. Provided prices are above $1.0700, the path of least resistance in the short term is northwards.


Resistance level to watch: $1.0800

Support level to watch: $1.0700


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

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