EURUSD technical analysis and what I am watching next

Euro/USD technical analysis: Video for currency investors and traders


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Potential Bull Flag Formation 🏳️

* Second touch point on June 3rd 📅
* Potential breakout identified but not confirmed yet 🚩



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Job Report Impact 📉

* Tight stop hit after the job report release on Friday 📊
* Importance of maintaining stops due to new market events 🛑



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Daily Time Frame Strategy 🕒

* Two bullish daily candles needed for better confirmation 📈
* Early entry attempts carry higher risks but potential for greater rewards ⚖️



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Support and Resistance Levels 📉📈

* Double support around 1.0769 📉
* Anchor VWAP from April 16 low 📊
* EMA level at 1.0835 on the daily chart as potential retracement point 📏



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Market Sentiment and Technical Junctions 📊

* Watch for shorts covering and new longs entering around key support levels 👀
* Potential retracement to mid-channel or lower deviation of VWAP 📉



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Bearish Indicators and Fundamental Factors 📉

* Current outlook appears bearish 🚨
* Political factors, such as EU elections, may influence market sentiment 🗳️



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Long-Term Buy Opportunities 💰

* Possible buy zone if price reaches lower part of the channel 📉
* Strategic buys above October 2023 low for potential long-term gains 📈



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Risk Management ⚠️

* Always use stops and manage trades carefully 🛡️
* Follow reputable sources like forexlive.com for additional insights 🌐






Trade wisely and manage your risk effectively! 🚀

This article was written by Itai Levitan at www.forexlive.com.


https://www.forexlive.com/technical-analysis/eurusd-technical-analysis-and-what-i-am-watching-next-20240609/?utm_source=dlvr.it&utm_medium=blogger