EURUSD Weekly Analysis – June 24, 2023

The EURUSD currency pair has been engaged in a prolonged period of sideways movement, oscillating within a trading range between 1.0515 and 1.1095. This consolidation phase has persisted for some time, and traders are closely monitoring the key support and resistance levels for potential breakout opportunities.

At present, as long as the 1.0515 support level holds, the price action within the range can be interpreted as a period of consolidation for the long-term uptrend that originated from 0.9535. This consolidation suggests that market participants are taking a breather, accumulating positions, and preparing for the next potential directional move.

To the upside, a breakout above the 1.1095 resistance level could trigger a renewed bullish momentum. Such a move would indicate a potential resumption of the long-term uptrend and open the door for further upside advances. In this scenario, the next immediate target for EURUSD would be around the 1.1400 level, followed by 1.1800. These levels represent significant psychological and technical resistance zones where sellers may emerge and attempt to halt the upward movement.

Conversely, a breakdown below the 1.0515 support level would suggest that the uptrend from 0.9535 has potentially concluded at the 1.1095 resistance level. In this case, a deeper decline may be expected, with the pair likely targeting the 1.0200 area. Traders should closely monitor the price action around this support level as it could serve as a critical turning point and may attract buying interest.

In summary, EURUSD has been consolidating within a trading range between 1.0515 and 1.1095. The price action in this range could be considered as a period of consolidation for the long-term uptrend. A breakout above 1.1095 could trigger further upside momentum, while a breakdown below 1.0515 would indicate a potential trend reversal. Traders should exercise caution, closely monitor key support and resistance levels, and adapt their trading strategies accordingly.