FX.co - EUR/USD analysis for June 20, 2023 - Downside movement in the play towards upside trendline

2023-06-20T07:21:56

Relevance until2023-06-21

Technical analysis:

EUR/USD analysis for June 20, 2023 - Downside movement in the play towards upside trendline

EUR/USD has been trading in the sideways range at the price of1.0930 but I see potential for the downside movement towards the upside trend-line.

Due to the reversal pattern in the background and test of resistance at 1.0930, I see potential for the downside movement towards lower reference.

Downside objective is set at the price of 1.0870

MACD oscillator is showing neutral reading with no defined momentum.

Key resistance is set at the price of 1.0970

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for June 20, 2023 - Downside movement in the play towards upside trendline