EURUSD Technical Analysis / Forex Technical Analysis

EURUSD Technical Analysis – 10-June-2024

FxNews—In today’s trading session, the European currency trades in a bull market at about $1.082 against the dollar. As depicted in the 4-hour chart, the EUR/USD price is inside the bullish flag, which signifies the currency pair’s robust uptrend momentum.

As of this writing, the bulls (buyers) are testing the immediate resistance at $1.082. Interestingly, the technical indicators give mixed signals, with the AO and stochastic oscillator being bearish, and the RSI (14) and the Heiken Ashi promise a resumption of the bull market.

From a technical perspective, the ascending trendline and the 23.6% Fibonacci at $1.080 play the critical resistance. The bull market remains intact as long as the pair trades above it. In this scenario, if the price exceeds the immediate resistance at $1.082, the next bullish target will be the July 8 high at 1.0844.

EUR/USD Bearish Scenario

Conversely, if the EUR/USD price dips below the critical resistance level at $1.080, the bull market should be invalidated, and the bears’ (sellers) road to the 38.2% Fibonacci at 1.077 will be paved.