Technical Analysis for EURUSD for 7th June 2023
Euro Ranges Inside a Bear Flag, Support at $1.0660
Past Performance of EURUSD
Euro prices are lower as USD bulls found support. Technically, the downtrend remains. In the short term, the bulls of June 1 could shape the trend. For the uptrend to take shape, there must be a sharp, high-volume expansion above $1.0770 or June 1. Conversely, sellers would double down if EUR prices slip below $1.0660 and $1.0600 in the short term.
EURUSD Technical Analysis
Broadly, EURUSD remains in consolidation as a possible bar flag forms. After a sharp sell-off, EUR briefly had support but failed to confirm buyers of June 1. Amid this sideways movement, there are clear support and resistance levels. Since the dominant trend is bearish, there could be entries for shorts, provided prices are below June 1 at $1.0770. Any unexpected surge above this level may see the EUR rally to $1.0850 and higher in the session ahead as the euro recovers. Conversely, there could be more losses towards $1.0500 should prices break below $1.0600 at the back of high trading volumes.
What to Expect from EURUSD
Sellers have the upper hand, but prices are confined within the June 1 bull bar. With clear resistance and support as a bear flag forms, conservative traders can wait until a new trend emerges, either above $1.0770 or below $1.0660.
Resistance level to watch: $1.0770
Support level to watch: $1.0660
Disclaimer: Opinions expressed are not investment advice. Do your research.
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