EURUSD technical analysis and what I am watching next

Euro/USD technical analysis: Video for currency investors and traders

• Potential Bull Flag Formation 🏳️

  • Second touch point on June 3rd 📅
  • Potential breakout identified but not confirmed yet 🚩

• Job Report Impact 📉

  • Tight stop hit after the job report release on Friday 📊
  • Importance of maintaining stops due to new market events 🛑

• Daily Time Frame Strategy 🕒

  • Two bullish daily candles needed for better confirmation 📈
  • Early entry attempts carry higher risks but potential for greater rewards ⚖️

• Support and Resistance Levels 📉📈

  • Double support around 1.0769 📉
  • Anchor VWAP from April 16 low 📊
  • EMA level at 1.0835 on the daily chart as potential retracement point 📏

• Market Sentiment and Technical Junctions 📊

  • Watch for shorts covering and new longs entering around key support levels 👀
  • Potential retracement to mid-channel or lower deviation of VWAP 📉

• Bearish Indicators and Fundamental Factors 📉

  • Current outlook appears bearish 🚨
  • Political factors, such as EU elections, may influence market sentiment 🗳️

• Long-Term Buy Opportunities 💰

  • Possible buy zone if price reaches lower part of the channel 📉
  • Strategic buys above October 2023 low for potential long-term gains 📈

• Risk Management ⚠️

  • Always use stops and manage trades carefully 🛡️
  • Follow reputable sources like forexlive.com for additional insights 🌐

Trade wisely and manage your risk effectively! 🚀

This article was written by Itai Levitan at www.forexlive.com.