Technical Analysis for EURUSD for 28th June 2023
Euro Uptrend Remains; Bulls Must Break $1.1000
Past Performance of EURUSD
Euro is bullish from the top-down preview. Presently, bulls are steady when writing, looking at the performance in the daily chart. Unless there is a total reversal of June 15 and 21 gains, the uptrend remains, and the immediate support line is at $1.900. The rejection of lower lows on June 27 invalidated the bearish outlook as price action swings to favor optimistic bulls.
EURUSD Technical Analysis
Losses of June 23 were reversed as buyers flowed back, pumping prices. With prices higher, bulls are back in the picture even though prices are choppy and volatile. Aggressive traders may look for entries above $1.0900 and June 23 close. However, better entries may be above $1.1000 or last week’s highs. A high-volume close with the same rapidity as the June 23 bar could easily lift euro toward $1.1100 and April 2023 high in a buy trend continuation formation. Conversely, sharp losses below last week’s lows at $1.0840 cancel this bullish preview.
What to Expect from EURUSD
Prices are in range and choppy though the expansion is at the back of increasing volumes pointing to participation. Even though the June 23 bar is important for price action, further gains today above $1.1000 will likely draw even more buyers into the picture, lifting prices even higher.
Resistance level to watch: $1.1000
Support level to watch: $1.0900
Disclaimer: Opinions expressed are not investment advice. Do your research.
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