EUR/USD: Pair To Move Towards 1.074
| Jun 09, 2022 05:18AM ET
Looking at the EUR/USD chart, we can see its rise from the 1.066 level on Jun. 3 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 Jun. 4.
Early on Jun. 6, it attempted to move higher towards the 1.075 range, but it failed 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 Jun. 7 session.
On Jun. 8, we saw the rebound from the support level early on and the formation of a leg up in the 1.068 range. Early in today’s session, we saw another leg 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 it fails to consolidate at the same level, a move below the closest temporary support level at the 1.075 range is expected, possibly in the 1.068 range.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.