Looking at EURUSD’s Chart, we can see its rise from the 1.066 level on the 3rd of June to the 1.075 level, momentarily reaching as high as 1.0765. Unable to maintain consolidation, however, it retracted to the 1.073 level on the 4th of June. Ealy on June 6th it attempted to move higher towards the 1.075 range but it failed once again, leading to the retraction first to the 1.07 and then to the 1.065 where it found support at the end of the June 7th session. On June 8th we saw the rebound from the support level early on and the formation of a leg up in the 1.068 range. Early on today’s session, we saw another leg up extending the uptrend, moving well into the 1.074 but retracing its step back to the 1.071 range where it was last found trading.
Today, we can expect a move towards the 1.074 range or consolidation at the current level.
If however, it fails to consolidate at the same level then a move below the closest temporary support level at the 1.075 range can be expected, possibly in the 1.068 range.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.