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EURUSD technical analysis and what I am watching next

EURUSD technical analysis and what I am watching next

Technical Analysis
Itai Levitan
09/06/2024 | 21:13 GMT
  • Euro/USD showed a potential for a bull flag breakout, but a recent failed breakout up and bearish moves highlight the importance of careful risk management and informed trading. Here is where buyers may come in again. Double support near 1.0769

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

  • Potential Bull Flag Formation 🏳️

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

  • Job Report Impact 📉

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

  • Daily Time Frame Strategy 🕒

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

  • 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 📏

  • 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 📉

  • Bearish Indicators and Fundamental Factors 📉

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

  • 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 📈

  • 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! 🚀

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