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An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.0667
• Second Key support level of EUR/USD: 1.0635
• Third Key support level of EUR/USD: 1.053
• First key resistance level of EUR/USD: 1.077
• Second Key resistance level of EUR/USD: 1.08
• Third Key resistance level of EUR/USD: 1.085

• First key support level of USD/CHF: 0.9
• Second Key support level of USD/CHF: 0.898286
• Third Key support level of USD/CHF: 0.895
• First key resistance level of USD/CHF: 0.903317
• Second Key resistance level of USD/CHF: 0.905708
• Third Key resistance level of USD/CHF: 0.910665

• First key support level of GBP/USD: 1.246433
• Second Key support level of GBP/USD: 1.24
• Third Key support level of GBP/USD: 1.230926
• First key resistance level of GBP/USD: 1.254431
• Second Key resistance level of GBP/USD: 1.26
• Third Key resistance level of GBP/USD: 1.2679

• First key support level of USD/JPY: 139
• Second Key support level of USD/JPY: 138.45
• Third Key support level of USD/JPY: 137.8
• First key resistance level of USD/JPY: 139.5
• Second Key resistance level of USD/JPY: 140.249438
• Third Key resistance level of USD/JPY: 140.9

 

Technical Analysis of EUR/USD on 08/06/2023.

Over the past 5 weeks, the EUR/USD currency pair has been consistently trending downwards, with the lowest price level of 1.06350 being reached by sellers.

Given the current circumstances, the price floor stands as the most crucial and nearest support level for the price. If it is challenged and breached, there is a possibility that the price might plummet even further and reach the critical support level of 1.05300.

In the weekly period, with the formation of the Spinning top candlestick pattern, the first warning has been issued to weaken the downward trend, indicating some sellers’ exit from their sales transactions. Based on the daily time frame analysis, Spinning top candlestick patterns are present, but no clear sell signal can be identified. However, the loss of the support level at 1.0667 indicates the first sign for sellers to take over the market.

After analysing the price movements over weekly and daily periods, the current market price is oversold, resulting in a weak upward trend. However, should the price reach a certain threshold of 1.06350, there is a potential for an increase, ultimately reaching resistance levels of 1.07700 and potentially even up to 1.08550.

 

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