Technical Analysis for EURUSD for 29th June 2023
Euro Choppy, Uptrend Valid Above $1.1000
Past Performance of EURUSD
Overly, buyers are upbeat, but the past few trading days have been choppy and highly volatile. From the daily chart, bulls are in control, but the failure of prices to float above $1.1000 or stay below $1.0900 by close of today means traders should watch for conclusive breakouts before committing.
EURUSD Technical Analysis
Trading volumes are within range, and the current price action is within a bearish formation. With the losses of June 23 conspicuous and bulls failing to convincingly close above $1.1000, the uptrend momentum is weak.
Despite doubts about bulls, buyers have a chance above $1.0900. If not, any firm drop below $1.0900 by the end of the day would easily see the euro dump to $1.0800, an opportunity for aggressive traders to ride the trend, aligning with the bear bar of June 23.
On the flip side, sharp gains above $1.1000 will offer entries for buyers angling for $1.1100 in a buy trend continuation formation, confirming bulls of the March to April range.
What to Expect from EURUSD
Euro prices are choppy, but trading volumes are decent and within range. Unless there is a conclusive close above immediate reaction levels, prices will remain in consolidation in an overly bullish trend from a top-down preview. Still, price action favors sellers at spot rates but how bears will press on today could shape the short-term trend.
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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