EURUSD Technical Analysis by Guriforex for June 4, 2024

Happy Tuesday, dear traders! If you are looking for EURUSD technical analysis, then you are in the right place. Today, we come with EURUSD technical analysis. Let’s dive into the analysis without further delay.

EURUSD Technical Analysis by Guriforex for June 4, 2024

EURUSD Technical Analysis by Guriforex for June 4, 2024:

💸 EURUSD is currently hovering near a crucial support zone within a longer-term bullish trajectory. The moving averages are indicating a strong bullish sentiment, yet the DeMarker is signaling overbought conditions.

🔽 If EURUSD breaches the 1.0880 support, the price could dip toward the 1.0830 trendline. This may indicate a potential downtrend.

🔼 A bounce off this support level could propel the price upward to 1.0960. This aligns with the 161.8 Fibonacci level. It suggests an upward trend continuation.

❓ What’s your prediction for EURUSD: rise or fall? Share your thoughts in the comments ⬇️

This setup presents a significant decision point for traders. Specifically, the support level at 1.0880 acts as a critical marker. Consequently, a breach could lead to one outcome, while a bounce could result in another.

The moving averages, which track price trends over time, are bullish, indicating a general upward momentum. However, the DeMarker oscillator, used to identify overbought or oversold conditions, is showing signs of the market being overbought. This discrepancy adds complexity to the analysis, suggesting a potential tug-of-war between bullish and bearish forces.

If EURUSD manages to break below 1.0880, it could signal a shift towards a downtrend. Consequently, the next major level of interest would be the 1.0830 trendline. On the other hand, a bounce off this support could reinforce the bullish sentiment, with a target set at 1.0960, coinciding with the 161.8 Fibonacci extension level.

Traders and investors are closely monitoring these levels, as they could provide valuable insights into the future direction of EURUSD. Market sentiment, economic indicators, and geopolitical events will also play crucial roles in determining whether EURUSD will rise or fall in the coming sessions.

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