Technical Analysis for EURUSD for 21st June 2023
Euro Upswing Cools Off, Buyers Target Retest of April 2023 Highs
Past Performance of EURUSD
Euro prices are steady when writing and trending inside the June 15 bull bar. Per the EURUSD candlestick arrangement in the daily chart, every attempt lower but above the $1.0850 support line may offer entries for aggressive traders angling for $1.1100. Any upswing above $1.0970 will trigger demand, pumping the euro even higher.
EURUSD Technical Analysis
Currently, traders are upbeat, and the candlestick arrangement favors bulls. Provided prices are inside the June 15 bar; euro buyers have the upper hand from an effort-versus-result perspective. Subsequently, traders can look to load the dips above $1.0850 or, more conservatively, above $1.0970, targeting $1.1100 and aligning with last week’s buyers. This preview will be nullified if euro prices dump below $1.0800, reversing gains of the anchor bar of June 15.
What to Expect from EURUSD
Euro prices are relatively weak and possibly correcting the overvaluation of last week. The uptrend remains, and technical candlestick formation supports optimistic bulls. Since the retracement is with lighter volumes, the odds of buyers resuming the uptrend remain high.
Resistance level to watch: $1.0970
Support level to watch: $1.0850
Disclaimer: Opinions expressed are not investment advice. Do your research.
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