EURUSD Daily Analysis – June 7, 2023

The EURUSD currency pair has been trading in a sideways movement, forming a trading range between the levels of 1.0635 and 1.0778. This consolidation phase comes after a previous downtrend in the market.

Traders are closely monitoring the price action within the falling price channel on the 4-hour chart. As long as the price remains within this channel, the sideways move can be considered as a period of consolidation for the downtrend. A breakdown below the lower boundary at 1.0635 could potentially lead to a further downside movement towards the 1.0580 area, where additional support may be found.

On the other hand, it is important to pay attention to the key resistance level at 1.0778. A decisive break above this level would indicate a potential completion of the downside move and may signal a shift in market sentiment. In such a scenario, the next target for the bulls could be the 1.0831 resistance level, followed by the 1.0909 resistance level.