EURUSD short-term analysis – 20 June 2023


EURUSD Daily Chart

  • The EURUSD daily chart is positioned in its bullish channel between the upper blue and red bands.
  • The red Bollinger bands are pulling away from each other, denoting an expansion in volatility.
  • The RSI is on the positive side of 50 (green rectangle). The longer it maintains this position the greater the likelihood of further appreciation ahead.

EURUSD Hourly Chart

  • The EURUSD hourly chart has bullish developments too.
  • The trend-following EMAs and the momentum-based stochastic have crossed up (black ellipses).
  • This comes after the hourly chart pulled back to the 38.2% Fibonacci and price support around the 1.0908 level (orange horizontal).
  • This served as a short-term platform for buyers to regroup.
  • The R1 level is currently acting as short-term overhead resistance.
  • However, if the EMAs develop angle and separation to the upside and the stochastic makes it to the 80+ area (blue arrow) and holds, an underlying momentum will be price supportive.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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