Looking at the EUR/USD chart, we can see its rise from the 1.066 level on Jun. 3 to the 1.075 level, momentarily reaching as high as 1.0765. Unable to maintain consolidation. However, it retracted to the 1.073 level on Jun. 4.
Early on Jun. 6, it attempted to move higher towards the 1.075 range, but it failed again, leading to the retraction first to the 1.07 and then to the 1.065, where it found support at the end of the Jun. 7 session.
On Jun. 8, we saw the rebound from the support level early on and the formation of a leg up in the 1.068 range. Early in today’s session, we saw another leg extending the uptrend, moving well into the 1.074 but retracing its step back to the 1.071 range where it was last found trading.
Today, we can expect a move towards the 1.074 range or consolidation at the current level. If it fails to consolidate at the same level, a move below the closest temporary support level at the 1.075 range is expected, possibly in the 1.068 range.
