You are here: Home > articles > Forex > Technical Analysis – EURUSD kickstarts a bullish party after ECB
Technical Analysis – EURUSD kickstarts a bullish party after ECB
June 15, 2023 3:27 pmVideo
Latest News
- Technical Analysis – Is CADJPY setting the ground for its next bull run? April 10, 2024
- Technical Analysis – USDJPY flirts with intervention zone April 10, 2024
- Market Comment – Dollar and equities trade higher in anticipation of US CPI release April 10, 2024
- Technical Analysis – EURUSD oscillates within a sideways range April 10, 2024
- Technical Analysis – Gold attempts to unlock new high April 10, 2024
- Trading plan for GBP/USD on April 10. Simple tips for beginners April 10, 2024
- Trading plan for EUR/USD on April 10. Simple tips for beginners April 10, 2024
- Congrats on Winning in the Ramadan Challenge Promo April 10, 2024
- Forecast for EUR/USD on April 10, 2024 April 10, 2024
- Forecast for GBP/USD on April 10, 2024 April 10, 2024
- Forecast for AUD/USD on April 10, 2024 April 10, 2024
- Financial future on the horizon: US stocks rise ahead of consumer price news April 10, 2024
- Trading Signals for EUR/USD for April 10-12, 2024: sell below 1.0864 (4/8 Murray – symmetrical triangle) April 10, 2024
- Trading Signals for GOLD (XAU/USD) for April 10-12, 2024: sell below $2,364 (6/8 Murray – head and shoulders) April 10, 2024
- Technical Analysis – NZDUSD bulls show up before RBNZ rate announcement April 9, 2024
- Trading Signals for GOLD (XAU/USD) for April 9-11, 2024: sell below $2,364 (6/8 Murray – overbought) April 9, 2024
- Will Friday’s data add to hopes of UK exit from recession? – Preview April 9, 2024
- ECB meeting looms: what to expect April 9, 2024
- EUR/USD: Waiting for price turbulence April 9, 2024
- Technical Analysis – EURUSD remains above SMAs with weak momentum April 9, 2024
EURUSD skyrocketed to 1.0920 on headlines the ECB is not thinking of pausing rate hikes after raising interest rates to a 22-year high on Thursday as expected.
The pair is experiencing one of its best daily sessions since the start of the year, but the bulls will need to reclaim the September support-turned-resistance trendline, which is currently under examination, in order to stay in power during the coming sessions. The 61.8% Fibonacci retracement of the latest downleg in the four-hour chart is making this area important to watch.
Meanwhile, the RSI and the stochastic oscillator are close to their overbought levels, increasing the odds for a downside reversal. An extension above the nearby barrier of 1.0940 could play down that negative scenario, likely boosting buying confidence towards the 1.1000 psychological mark. The 1.1033-1.1050 region could be the next challenge.
On the downside, support could initially develop around the 50% Fibonacci mark of 1.0860. If that floor cracks, the next stop could be near the 20-period exponential moving average EMA and the 38.2% Fibonacci of 1.0810. Even lower, the pair may attempt to set a foothold somewhere between the 50-period EMA and the long-term falling constraining line at 1.0760.
Overall, the latest ECB-driven remarkable spike in EURUSD seems to be testing a make-or-break point. An extension above 1.0940 could generate more upside, while a pullback below 1.0900 could motivate some profit-taking towards 1.0860.
Related Posts: