Thu, Jun 08, 2023 @ 09:29 GMT
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EUR/USD Outlook: Bulls Remain in Play But Face Strong Headwinds

The Euro remains constructive in early Monday’s trading following strong advance in past two weeks, but bulls are facing headwinds from pivotal barrier at 1.0767 (50% retracement of 1.1184/1.0349/falling 55DMA).

Weaker dollar continues to underpin the single currency, along with bullish daily techs (rising positive momentum/multiple bull-crosses formed by 5/10/20/30 DMA’s), but bulls need a breakthrough 1.0767 to signal an extension of near-term recovery towards next strong barriers at 1.0865/78 (Fibo 61.8% of 1.1184/1.0349 / base of falling and thickening daily Ichimoku cloud).

Solid supports at 1.0668/1.0647 (broken Fibo 38.2%/rising 10DMA) should keep the downside protected to maintain near-term bullish bias.

Res: 1.0767; 1.0800; 1.0865; 1.0878.
Sup: 1.0725; 1.0668; 1.0647; 1.0607.

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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