Technical Analysis for EURUSD for 23rd June 2023
Euro Upswing Slows Down, Will Prices Hold Above $1.0900?
Past Performance of EURUSD
The uptrend remains, but there are hints of weakness. Following the drop on June 22, the euro could register even more losses today. Even so, buyers remain in charge if prices are above $1.0900 and June 21 lows.
EURUSD Technical Analysis
After sharp gains in the first half of June, the euro is bullish. For now, support is at $1.0900, while resistance is at June 22 high. As long as prices are within the bull bar of June 21, every low may offer entries for risk-off traders from an effort-versus-result perspective. This preview stands considering that bulls are dominant and bears didn’t rewind gains on June 21. As such, the immediate target remains at $1.1100 in the medium term. Any loss below $1.0900 may slow down optimistic euro bulls.
What to Expect from EURUSD
Candlestick arrangement favors euro bulls despite yesterday’s retracement. In the near term, traders can expect continuation towards $1.1100 as bulls peel losses of May. If not, a drop below $1.0900 will puncture the uptrend momentum.
Resistance level to watch: $1.1100
Support level to watch: $1.0900
Disclaimer: Opinions expressed are not investment advice. Do your research.
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