EURUSD Futures: Technical View
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The EURUSD currency pair has been on a downward trend since July 17th, extending to a low of around 1.0493 in January 2023. This decline was triggered by a breakout of the bearish channel by EURUSD bears. Currently, the pair is trading within the Ichimoku cloud, and a hammer candlestick pattern was observed two weeks ago near the support zone. Given that the stochastic oscillator is in the oversold area on the weekly chart, we might see a correction or reversal in the EURUSD futures price.
Weekly Chart
For a more detailed analysis of the EURUSD futures price, let’s take a closer look at the daily chart.
Daily Chart
Despite attempts by the bulls to break out of the bearish channel and pivot at 1.065, they have been unsuccessful. The pair is now trading within a range between 1.0493 and 1.065. These two key levels are crucial for the future price of EURUSD. If the bulls manage to close above the pivot, we could see a continuation of the upward momentum, with initial targets at R1 (1.081) followed by R2 (1.104).
Conversely, if the pair closes below 1.0493, we could see a continuation of the decline that began on July 17th, with a target at S1 (1.025).