Technical Analysis for EURUSD for 15th June 2023
Euro Firm Despite FED's Pausing Rate Hikes, Bulls Target $1.1100
Past Performance of EURUSD
The euro is firm at spot rates. While the FED’s move to briefly pause interest rate hikes forced the currency lower in the NY session, the uptrend is clear. As such, every low above $1.0770 offers entries for aggressive traders angling for $1.0950 and $1.1100 in the medium term.
EURUSD Technical Analysis
The uptrend is clear, and the euro is bottoming up. In a bullish breakout formation, the currency trades above the dynamic resistance, now support, marked by the 20-day moving average. At the same time, it is above the $1.0770 resistance level, currently support, marking June 8 highs. This optimistic preview holds provided prices are above this clear support line, at $1.0770. As such, every low offers entries for aggressive and optimistic traders expecting an eventual retest of April highs as the price trend aligns with the March to April 2023 formation.
What to Expect from EURUSD
The USD is firm, but price action currently supports euro bulls. The euro is bullish above $1.0770 and may form the basis for even more gains towards $1.0900 or better in sessions ahead.
Resistance level to watch: $1.0950
Support level to watch: $1.0770
Disclaimer: Opinions expressed are not investment advice. Do your research.
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