Past Performance
Euro prices edged lower on June 2, reversing most gains posted the previous day. However, while USD bulls appeared to have the upper hand, trading volumes were lower, solidifying the bullish outlook. Therefore, while bears are optimistic, June 2 losses could be reversed should Euro bulls step in today.
#EURUSD Technical Analysis
The path of least resistance is southwards, at least looking at the performance in the daily chart. After a near 3.6% drop from April peaks, there could be hints of strength in the near term. For now, the immediate reaction points for traders should be at $1.0780 and $1.0670, defining the June 2 trade range. For the uptrend to take shape, there must be an expansion above last week's highs, ideally with rising volumes. This would open up the Euro for a possible retest of $1.0850 in the medium term. Conversely, trend continuation favoring USD bulls will only be confirmed if there are losses below $1.0670 with high participation.
What to Expect?
Euro bulls are optimistic, but whether the reversal initiated from the second half of last week would continue depends on if there is a conclusive close above $1.0780. If not, USD bulls would likely press on, heaping more pressure on the Euro.
Resistance level to watch: $1.0780
Support level to watch: $1.0670
Disclaimer: Opinions expressed are not investment advice. Do your research.
Euro prices edged lower on June 2, reversing most gains posted the previous day. However, while USD bulls appeared to have the upper hand, trading volumes were lower, solidifying the bullish outlook. Therefore, while bears are optimistic, June 2 losses could be reversed should Euro bulls step in today.
#EURUSD Technical Analysis
The path of least resistance is southwards, at least looking at the performance in the daily chart. After a near 3.6% drop from April peaks, there could be hints of strength in the near term. For now, the immediate reaction points for traders should be at $1.0780 and $1.0670, defining the June 2 trade range. For the uptrend to take shape, there must be an expansion above last week's highs, ideally with rising volumes. This would open up the Euro for a possible retest of $1.0850 in the medium term. Conversely, trend continuation favoring USD bulls will only be confirmed if there are losses below $1.0670 with high participation.
What to Expect?
Euro bulls are optimistic, but whether the reversal initiated from the second half of last week would continue depends on if there is a conclusive close above $1.0780. If not, USD bulls would likely press on, heaping more pressure on the Euro.
Resistance level to watch: $1.0780
Support level to watch: $1.0670
Disclaimer: Opinions expressed are not investment advice. Do your research.
