Technical Analysis for EURUSD for 14th June 2023
Euro Bulls Revival, EUR Rejects $1.0770 as Buyers Double Down
Past Performance of EURUSD
The euro is higher when writing, looking at the performance in the chart.
With dropping inflation in the US, bulls got the impetus to double down, driving the euro above $1.0770. The recovery is a welcomed development for the euro following weeks of lower lows.
Since the June 13 bar had high volumes, bulls may build on from there, ramping up on dips, targeting $1.0850 in the days ahead.
EURUSD Technical Analysis
The June 8 bar anchors the current formation. The bar had high volumes and was wide-ranging, signaling the end of the bear run that dominated May.
As it is, every attempt lower above $1.0770 may offer entries for buyers to load up, targeting $1.0850, the immediate resistance level.
Notice a sharp response yesterday after the lull on June 11. This resurgence is a confidence boost for optimistic buyers targeting even more recovery in the upcoming session.
Any dump below $1.0700 will nullify this bullish outlook.
What to Expect from EURUSD
Traders are upbeat, and the uptrend, at least in the short-term, in alignment with the June 8 bull bar, is valid at spot rates. With every retracement from June 13 highs, traders might find entries to ride the developing uptrend.
Resistance level to watch: $1.0850
Support level to watch: $1.0770
Disclaimer: Opinions expressed are not investment advice. Do your research.
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