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21 Jun 2023
EUR/USD Price Analysis: Upside bias alleviated below 1.0800
- EUR/USD keeps the inconclusive price action well in place.
- Further weakness could retest the 55-day and 100-day SMAs.
EUR/USD keeps the range bound theme in place above 1.0900 on Wednesday.
Despite the current inconclusive price action, further gains remain well on the table for the time being. That said, the pair needs to surpass the monthly high at 1.0970 (June 16) ideally in the very near term to allow for a potential test of the psychological 1.1000 mark.
The inability to advance in a convincing fashion in the next sessions could spark a corrective move to, initially, the 55-day SMA at 1.0881 prior to the 100-day SMA at 1.0806. The loss of the latter should alleviate the pair’s upside pressure.
Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0554.
EUR/USD daily chart
