Technical Analysis for EURUSD for 8th June 2023
Euro Prices Flat-Line Above $1.0660, Bear Run Likely Over
Past Performance of EURUSD
Euro prices remain in consolidation within a tight range. From the daily chart, the least path of resistance is southwards, especially as long as prices are below $1.0770. Presently, USD bulls’ momentum seems to be fading while the euro is finding strength above $1.0600. The results are balanced candlesticks with long upper and lower wicks, suggesting equilibrium.
EURUSD Technical Analysis
EUR prices are inside the June 1 bull bar, an indicator of strength. From an effort-versus-result perspective, traders can find entries on every dip above $1.0660, targeting $1.0770 in the short term. However, for conservative, risk-on bulls, a close above the high of the high-volume, bullish engulfing bar of June 1 can offer better entries. Notably, the bar forms as EUR candlesticks print higher highs relative to the lower BB, suggesting that the downside momentum is waning. Still, as mentioned, a comprehensive breakout above the minor bear flag at $1.0770 can anchor the leg up toward $1.0850 in subsequent sessions.
What to Expect from EURUSD
Buyers are confident as the downside momentum fades. Overall, traders are bullish, but this can only be confirmed once there is a follow-through, confirming buyers of June 1. As a result, the $1.0770 liquidation level is a vital buy trigger for optimistic euro bulls.
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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