Technical Analysis for EURUSD for 26th June 2023
Euro Slips but Uptrend Remains, Liquidation Line at about $1.0900
Past Performance of EURUSD
Euro is back in red, reading from the performance in the daily chart. Per this candlestick arrangement, traders can look for entries to short on every attempt higher. As it is, the immediate resistance is at June 21 low at around $1.0900.
EURUSD Technical Analysis
The path of least resistance, at least in the short term, is southwards. As such, traders can look to ride the emerging trend, aligning with the sellers of June 23. Even so, trading volumes are lower, meaning the June 15 high-volume bull bar anchors the current formation. The immediate target for aggressive traders will be $1.0800, while the resistance is $1.0900. Any drop below $1.0800, reversing gains of June 15, invalidates this preview, ushering in sellers of May who may angle for $1.0500 in a bear trend continuation formation.
What to Expect from EURUSD
Technically, buyers are in control from an effort-versus-result perspective considering the light trading volumes of the June 22 and 23 bars. Still, the bearish preview holds if prices are firmly below $1.0900. Any upswing above $1.1100 cancels this projection.
Resistance level to watch: $1.0900
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
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