EUR/USD -6/7/2023-
• Blurry technical picture for the Euro currency and the trend is turning into neutral
• Bullish ascending trend line since October 2022 intact, supporting the price
• We have a potential short term descending triangle, a bearish formation usually
• If the sellers manage to break below the triangle, the pair might be facing a 150-200 pips move lower according to the triangle breakout projection method
• There is a strong area of resistance between 1.10 and 1.11 and the bullish trend won't gain momentum unless the bulls manage to break above it
• To the downside, supports level align at 1.08-1.0820 (ascending trend line and triangle support) followed by 1.064 (previous swing low) and 1.05
• Unless we see a very bad or very good NFP report, I suspect we are going to stay in a trading range between 1.08 and 1.10-1.11
• Bullish ascending trend line since October 2022 intact, supporting the price
• We have a potential short term descending triangle, a bearish formation usually
• If the sellers manage to break below the triangle, the pair might be facing a 150-200 pips move lower according to the triangle breakout projection method
• There is a strong area of resistance between 1.10 and 1.11 and the bullish trend won't gain momentum unless the bulls manage to break above it
• To the downside, supports level align at 1.08-1.0820 (ascending trend line and triangle support) followed by 1.064 (previous swing low) and 1.05
• Unless we see a very bad or very good NFP report, I suspect we are going to stay in a trading range between 1.08 and 1.10-1.11
Ramzi Abou Abdallah, CFTe, CMT
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