Euro/USD technical analysis: Video for currency investors and traders
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Potential Bull Flag Formation 🏳️
- Second touch point on June 3rd 📅
- Potential breakout identified but not confirmed yet 🚩
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Job Report Impact 📉
- Tight stop hit after the job report release on Friday 📊
- Importance of maintaining stops due to new market events 🛑
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Daily Time Frame Strategy 🕒
- Two bullish daily candles needed for better confirmation 📈
- Early entry attempts carry higher risks but potential for greater rewards ⚖️
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Support and Resistance Levels 📉📈
- Double support around 1.0769 📉
- Anchor VWAP from April 16 low 📊
- EMA level at 1.0835 on the daily chart as potential retracement point 📏
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Market Sentiment and Technical Junctions 📊
- Watch for shorts covering and new longs entering around key support levels 👀
- Potential retracement to mid-channel or lower deviation of VWAP 📉
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Bearish Indicators and Fundamental Factors 📉
- Current outlook appears bearish 🚨
- Political factors, such as EU elections, may influence market sentiment 🗳️
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Long-Term Buy Opportunities 💰
- Possible buy zone if price reaches lower part of the channel 📉
- Strategic buys above October 2023 low for potential long-term gains 📈
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Risk Management ⚠️
- Always use stops and manage trades carefully 🛡️
- Follow reputable sources like forexlive.com for additional insights 🌐
Trade wisely and manage your risk effectively! 🚀
This article was written by Itai Levitan at www.forexlive.com. Source