Technical Analysis for EURUSD for 9th June 2023
Euro Tears Higher, Foundation for Rally Back to $1.1100?
Past Performance of EURUSD
The recent accumulation of the euro prices ended supporting buyers, looking at the performance in the daily chart. The euro is trading above immediate resistance, support, and the middle BB—a net positive. From the candlestick arrangement, every dip above $1.0770 may offer an entry for optimistic traders as buyers likely extend their gains.
EURUSD Technical Analysis
The rally on June 8 is a confirmation of the June 1 bull run. Although participation was relatively low, it is within range, supporting this emerging formation. As the euro breaks higher, traders may find entries on dips above $1.0770 or within the June 8 bar should prices correct today. In that case, this outlook will remain valid, provided prices are above $1.0700. The immediate target for euro buyers is $1.0850 and $1.0900 in the medium term.
What to Expect from EURUSD
Following sharp losses throughout May, the euro is bouncing from the 78.6% Fibonacci retracement level of the March to April 2023 trade range. At this pace, the euro could eventually retest April highs at $1.1100 in a buy trend resumption formation.
Resistance level to watch: $1.0850
Support level to watch: $1.0700
Disclaimer: Opinions expressed are not investment advice. Do your research.
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