EUR/USD Technical Analysis: 26/06/2023

deltawriter 26 June 2023

The EUR/USD currency pair started an upward movement after breaking the 1.0920 resistance level against the US dollar. The pair even reached above 1.1000 before the bears took control.

Looking at the 4-hour chart, a downward correction can be observed from the 1.1010 zone. The pair traded below a key bullish trend line with support near 1.0930. There was a break below the 38.2% Fibonacci retracement level of the upward move from the 1.0668 swing low to the 1.1012 high.

However, the bulls were active above the 1.0840 level and the 50% Fibonacci retracement level of the upward move from the 1.0668 swing low to the 1.1012 high.

Currently, the pair is trading above the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours). In case of a new increase, the pair might face resistance near 1.0930.

The first significant resistance is near the 1.0950 zone. If there is a move above the 1.0950 resistance, the pair could rise toward 1.1000. Any further gains could push the EUR/USD toward the 1.1050 level.

Immediate support is near the 1.0840 level. The next major support is near the 1.0800 level and the 100 simple moving average (red, 4 hours). If there is a downside break below the 1.0800 support, the pair could decline toward the 1.0750 support. The main support level sits at 1.0665.200.

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