Technical Analysis for EURUSD for 19th June 2023
Euro Bulls Confident, Prices Recovering as Traders Target $1.1100
Past Performance of EURUSD
The euro march is evident, and buyers are in the driving seat, looking at price action in the daily chart. For now, traders can look for entries to load above $1.0800. On the reverse side, if bulls keep up the pace of the past week, the currency may rally to as high as $1.1100, peeling back recent losses in a buy trend continuation formation.
EURUSD Technical Analysis
Presently, the path of least resistance is northwards, and the currency is recovering after losses from May. The June 15 bar anchors the current price action. As long as prices are within the bar’s range, every low above $1.0800 may offer entries for traders to double down, targeting last week’s highs and later $1.11000. This preview holds from a top-down preview and favors swing traders from an effort-versus-volumes perspective. Any dump below $1.0800 will likely swing price action to favor sellers, canceling the current preview.
What to Expect from EURUSD
Euro may likely correct in the days ahead before resuming the uptrend towards April highs. This is considering the over-valuation of June 16; the bear bar closed above the upper BB. Therefore, traders should watch participation levels and whether $1.0800 will anchor the leg up in upcoming sessions.
Resistance level to watch: $1.1100
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
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