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Euro Rebounds Unsteadily with Stronger Support Below
Summary:
EURUSD is currently trying to find support. Although the uptrend has been broken, it is expected to recover.
EXPIRED
1.07000
ENTRY
1.10000
TGT
1.05000
SL
1.12570 +0.00299 +0.27%
--
Point
EXPIRED
1.05000
SL
1.09537
CLOSING
1.07000
ENTRY
1.10000
TGT
Fundamentals
During the Asian session on Thursday (June 8), EURUSD fluctuated in a narrow range of around 1.07, currently trading around 1.0706. Both bulls and bears fought for 1.07, and yesterday, the price stood firm near the week-low of 1.0670, which has been tested for three consecutive days. The pair is now also temporarily stabilized between 1.0650 and 1.0750. Bulls and bears are not interested in fighting. If bulls push the exchange rate above the 1.0750 resistance, the market may regain upward momentum. On the contrary, if it is below 1.0650, market sentiment may deteriorate and return to the support of 1.0550. You need to focus on the support of relevant data in the short term.
On this trading day, investors need to pay attention to the GDP of the first quarter in the eurozone and employment data tonight, which will be an important guide for the ECB rate hike expectations. It is recommended to pay attention to tonight's US initial jobless claims.
Overall: In May, under the influence of the support of the debt crisis risk aversion and the weakening of expectations for a monetary policy shift, the dollar index rebounded and strengthened, climbing above 104. Non-US currencies depreciated under pressure, but the magnitude of the euro depreciation is relatively small. From a short-term perspective, the US economic resilience and the strengthening of expectations for interest rate hikes in June and July provided support for the US dollar index. Under the trend of the dollar index continuing to strengthen, the euro has been suppressed by the weakening of the eurozone economic data and the impact of inflation falling beyond expectations, and it has maintained a volatile and weak trend in the short term. However, in the medium and long term, with the end of the Fed rate hike, the upward momentum of the US dollar index may be gradually released, and there has been fatigue, and the euro may continue to rise in general.
Technical Analysis
In the daily chart, the euro yesterday retreated to the first support level and then rebounded, and in the US session, it touched the former resistance and then went down under pressure. The daily chart closed with a candlestick with a short white body and upper and lower shadows. From the closing, the former low support still exists, and oscillation has not yet ended in the short term. But the market MACD indicator has a trend to form a golden cross, and it is now approaching the oversold area, accumulating upward momentum in the short term. The intraday initial support is 1.0670, the second support is 1.0620, the initial resistance above is 1.0750, and the second resistance is 1.0800. If the price remains above the first support, the price in the short term is expected to test the first resistance and hit the second resistance position.
Intraday trading plan: aggressive traders can go long with small positions around 1.0700, the stop loss is set at 1.0620, the first target is 1.0800 at which we can partially close our positions, and set the remaining position to at least break even.
Trading Recommendations
Trading direction: Long
Entry price: 1.07000
Target price: 1.10000
Stop loss: 1.05000
Support: 1.0600, 1.05000
Resistance: 1.08000, 1.10000
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You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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