Yesterday (June 12th):
- EUR/USD experienced a bounce after recent declines, attempting to recover from the gap down earlier in the week.
- This price movement suggests some short-term buying pressure.
Key Technical Levels:
- Resistance:
- 1.0811 – 1.0803 (Support turned resistance)
- 1.0852 (Weekly High)
- 1.0916 (June Top)
- Support:
- 1.0719 (June Low)
- 1.0664 – 1.0638 (Target Zone)
- 1.0601 (2024 Low)
Indicators:
- Moving Averages: No clear signal yet. We’d need to see if the price can hold above or break below the key moving averages (e.g., 50-day or 200-day) for a stronger directional indication.
- Relative Strength Index (RSI): If available, check the RSI. A reading above 50 suggests possible buying pressure, while below 50 indicates potential selling pressure.
Overall:
- The short-term trend remains slightly bearish due to the recent downtrend.
- However, yesterday’s bounce indicates a potential short-term reversal.
Here are some trading ideas based on the technical analysis (Disclaimer: This is not financial advice):
- Bullish Scenario: If the price breaks above 1.0811 and holds, a continuation to the weekly high of 1.0852 or even 1.0916 is possible.
- Bearish Scenario: If the price falls below 1.0719 again, a move towards the target zone of 1.0664 – 1.0638 or even the 2024 low of 1.0601 could be on the horizon.
Important Note:
- This analysis is based on publicly available information and should not be considered trading advice.
- Forex trading is risky, and you can lose money. Always conduct your own research before making any trades.
Additional Resources:
- DailyFX: EUR/USD: Euro – Dollar Rate, Chart, Forecast & Analysis – https://www.dailyfx.com/eur-usd
- FXStreet: EUR/USD Forecast, News and Analysis (Euro and US Dollar) – https://www.fxstreet.com/currencies/eurusd