EURUSD Daily Analysis – June 13, 2023

The EURUSD currency pair has continued its upward movement, extending from 1.0635 to reach a recent high of 1.0797. This bullish momentum suggests that further upside potential remains in the market, with traders eyeing key resistance levels in the near term.

With the current price action, it is reasonable to anticipate additional gains in the EURUSD pair. The next target for the upward move lies at the 1.0831 resistance level. A breakthrough above this level could open the doors for a potential advance towards the 1.0900 mark. Traders looking to capitalize on this bullish sentiment will closely monitor these levels for potential trading opportunities.

In terms of support, the currency pair finds immediate stability at the 1.0710 level. As long as this support holds, the bullish bias remains intact, reinforcing the upward trend. However, a break below 1.0710 would suggest a potential shift in sentiment and could trigger a downward correction. In such a scenario, the pair might encounter further downside pressure, with the next target set at 1.0580.

To summarize, the EURUSD currency pair has extended its upside momentum, reaching as high as 1.0797 from the 1.0635 level. The bullish sentiment suggests the potential for further upward movement, with the next target at 1.0831, followed by 1.0900. Support lies at 1.0710, and a break below this level could trigger a downward correction towards 1.0580. Traders should remain vigilant, considering various market factors, and employ effective risk management strategies to capitalize on potential trading opportunities.