EUR/USD Weekly Analysis: Bullish Momentum Builds
13 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 all SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 1.07435 & the resistance is at 1.08160
After a sharp decline, the price of EUR/USD on the weekly chart reversed to the upside from the 50% Fibonacci level. While it has broken its previous week’s high. Price is currently trading at a significant resistance level; if this level is broken, we can expect further upward movement.
EUR/USD TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, EUR/USD is trading in an up 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 1.07755 & the resistance is at 1.08011
After a sharp decline, the EUR/USD price reversed to the upside and is currently trading at a resistance zone; if this zone is broken, a further upside might be anticipated.