FX.co ★ Technical analysis on EURUSD for June 7th, 2023.

Red lines- bearish channel

Blue line- bullish RSI divergence

Yellow line -triple bottom

Violet lines- Fibonacci retracement levels

EURUSD is trading around 1.0720. Price has so far made a triple bottom around 1.0667 and is now bouncing higher. Price has broken out of the bearish channel it was. The exit out of the channel combined with the bullish RSI divergence, makes us believe that a new upward wave is to be expected. EURUSD minimum upside target expectation is at the 38% Fibonacci retracement level at 1.0807. Short-term resistance is at 1.0732. A break above this level would be a sign of strength. The most important short-term resistance is at 1.0779.