EUR/USD Outlook: Upward Momentum Builds
08 Jun 2023
EUR/USD WEEKLY SCENARIO
EUR/USD TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, EUR/USD is trading in an up channel.
EUR/USD is currently trading above 20&50 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.
Its immediate support is at 1.06577 & the resistance is at 1.07587
The EUR/USD price on the weekly chart reverted to the upside after making a severe negative move, and the price began to rise and follow higher highs. The EUR/USD is currently trading at a crucial resistance level; if this level is breached, further upward movement is expected.
EUR/USD TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, EUR/USD is trading in the down channel.
EUR/USD is currently trading above 5&20 SMA.
RSI is in Buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 1.07330 & the resistance is at 1.07612
After dipping, the EUR/USD price is attempting to rise in the daily chart. Price is currently heading upward, has broken the previous day’s high, and is currently trading at a key resistance level; if this level is broken, then we can expect additional upward movement.