FX: Euro To US Dollar Short-term EURUSD analysis for June 29, 2022. How Much Is 1 EUR?

Gold Has A Chance For The Rejection Of The Support

Relevance up to 15:00 2022-06-30 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 29.06.2022 analysis

 

blue rectangle- resistance

Green lines- support trend lines

EURUSD is trading just above 1.05. Price has made a triple top at 1.06-1.0620 confirming the importance of the resistance at that area. Our Ichimoku cloud analysis also confirmed the importance of resistance at that area and the recent rejection provided us with a sign of weakness. One thing is for sure. For bulls to have hopes for a bigger reversal, they will need to break above this level. On the other hand, support is found at 1.0490-1.0495. Failure to hold above this level will most probably lead EURUSD towards 1.0445. The bounce from 1.0360 to 1.0615 is 61.8% of the entire decline from 1.0774. Price has stopped at the 61.8% Fibonacci retracement three times so far. We have said many times before that the 61.8% level is a possible trend reversal level. Since bulls were unable to break this key Fibonacci resistance, the most probable scenario will be for price to move to new lows.

 

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Gold Has A Chance For The Rejection Of The Support

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