Technical Analysis for EURUSD for 30th June 2023
Euro Dumps, Retraces from June Highs as Bears Target $1.0800
Past Performance of EURUSD
From the daily chart, bears are in control, and euro prices have crumbled below crucial support levels. With prices below $1.0900, the short-term trend is firmly bearish, and sellers can add their shorts, targeting $1.0800 in alignment with the June 23 bear bar.
EURUSD Technical Analysis
The wide-ranging, high-volume bar of June 29 invalidated the uptrend of June 27, paving the way for sellers to ride the emerging trend. As it is, every high below $1.0900 may allow traders to unload the euro while targeting $1.0800 in the short term. This target flashes with the lows of June 15, the conspicuous bar that anchors the current uptrend. Should sellers press on, reversing losses, euro could crash to $1.0650, or June lows, in a trend confirming sellers of May.
What to Expect from EURUSD
Overall, traders are confident, but there could be more losses if today’s prices edge lower. In that case, the pullback in the first three weeks of June could be a retracement in a predominantly bearish trend of May, allowing conservative long-time frame traders to add to their shorts. For now, traders should watch whether the June 15 low will be retested.
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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