Technical Analysis for EURUSD for 27th June 2023
Euro Bearish but Price Action in a Tight Trade Range
Past Performance of EURUSD
Based on the performance in the daily chart, euro prices were fixed in a tight trade range. The immediate trend is bearish, and $1.0900 is a critical reaction level. Moreover, the June 23 bar is an important candlestick as it shapes the short-term trajectory considering that it is wide-ranging and trading volumes are high.
EURUSD Technical Analysis
Bears of last week could flow back, pressing the euro even lower. For this to be valid, there must be a close below $1.0880 by today’s close, aligning the emerging trend with the development of the June 23 bar. This, in turn, could allow risk-off traders to align with sellers of the end of last week, targeting $1.0800. Conversely, any breakout above $1.0950, or June 23 highs, with rising volumes would cancel this preview, allowing bulls to take charge.
What to Expect from EURUSD
Traders expect a recovery from spot levels toward last week’s highs. Even so, before then, traders should closely watch price action, aware that losses below $1.0880 could see bears take charge, possibly forcing prices to $1.0800.
Resistance level to watch: $1.0950
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
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