Technical Analysis for EURUSD for 6th July 2023
Euro Weak, Primary Support at $1.0850
Past Performance of EURUSD
The euro is under immense selling pressure and edging lower when writing. Per the EUR candlestick arrangement in the daily chart, there could be more losses below the immediate support levels, should the bears press on. As it is, $1.0850 is a critical sell trigger line to watch. Conversely, gains above $1.0930 or June 30 would likely trigger demand.
EURUSD Technical Analysis
Sellers have been unrelenting, and the euro is likely to drop even lower this week. The sell trigger is at $1.0850, aligning price action with the June 23 and 29 bear candlesticks. As it is, a sharp close below the current consolidation could allow sellers to double down on every attempt higher, targeting $1.0800 in the short term. If bears further press on, the next bear target is $1.0660 or May 2023 lows. Conversely, any unexpected revival driving euro prices above $1.0930 cancels this preview, rejuvenating stretched buyers who may target $1.1000.
What to Expect from EURUSD
Euro is overly bullish, but prices must float above $1.1000 for the uptrend to form a buy trend continuation. Per the current formation, the odds of prices tanking to $1.0800 remain high.
Resistance level to watch: $1.0930
Support level to watch: $1.0850
Disclaimer: Opinions expressed are not investment advice. Do your research.
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