Thu, Jun 01, 2023 @ 02:16 GMT
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Daily Technical Analysis


The sentiment remains unchanged since yesterday, and during the early hours of today`s trading, the EUR/USD is hovering between the levels at 1.0757 and 1.0811. If the bears gain enough momentum and breach the support zone at 1.0757, then the negative expectations for the future path of the currency pair will be strengthened and the sell-off will most likely continue towards the zone at 1.0640. If the bulls prevail, then a successful attack on the zone at 1.0811, followed by a violation of the next target at 1.0850, could lead to a rally and a test of the important level at 1.0922.


The yen lost quite a bit of ground against the dollar, and at the time of writing this analysis, the price is consolidating under the zone at 129.40. A new attack for the bulls is a highly probable scenario and a successful violation of the mentioned level could easily lead to new gains and continue the rally for the Ninja towards the highs at around 133.70. If the bears take control instead, then a violation of the support at 126.96, followed by a breach of the lower target at 126.48, could deepen the decline and lead to a move towards the major support zone at 125.75.


The support zone at 1.2986 withheld the bearish attack and the sterling recovered some of its recent losses against the greenback. If the bulls manage to breach the close resistance at 1.3045, then a recovery towards the upper zone at 1.3104 would be the most probable scenario. If the bears increase the pressure, then a new successful attempt and a violation of the mentioned level at 1.2986 could easily deepen the decline towards the support at 1.2850.


The bearish momentum faded and the bulls prevailed during yesterday’s session. The EUGERMANY40 rallied and tested the resistance at 14184 and a confirmation of the breach could easily fuel a more sustained move towards the zone at 14322, followed by the higher level at 14562. The first target for the bears is still the zone at 14034, but only a breach of the support at 13958 could deepen the decline and lead to a move towards the local low at 13884, which would strengthen the negative expectations for the future path of the index.


The better-than-expected data for the first quarter earnings season in the U.S. helped the index rebound, and at the time of writing, the price is hovering just above the resistance at 34882. If this breach is confirmed, then the next target for the buyers can be found at the zone at 35110. If the bears re-enter the market, then the corrective move should be limited to the support at 34706.

DeltaStock Inc.
DeltaStock Inc.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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