05.06.202316:26 Forex Analysis & Reviews: EUR/USD Outlook for June 5, 2023

As of writing, EUR/USD was trading near the 1.0685 mark, which represents a key support level (200 EMA on the daily chart and 50 EMA on the weekly chart).

Above this support level, EUR/USD remains in the zone of the medium-term bullish market, but within the long-term bearish market, it is below the key resistance levels of 1.0950 (144 EMA on the weekly chart) and 1.1070 (200 EMA on the weekly chart).

In case of a resumption of positive dynamics, a breakthrough of the resistance levels at 1.0720 (144 EMA on the daily chart) and 1.0734 (200 EMA on the 1-hour chart) will be the first signal to resume long positions with the nearest target at the resistance level of 1.0825 (200 EMA on the 4-hour chart and 50 EMA on the daily chart).

For a definitive breakthrough into the long-term bullish market zone, the pair needs to break through the key resistance levels of 1.0950 (144 EMA on the weekly chart) and 1.1070 (200 EMA on the weekly chart).

With further growth, the target becomes the resistance level of 1.1570 (200 EMA, 144 EMA on the monthly chart), which separates the global bullish trend from the bearish one.

In an alternative scenario, if EUR/USD breaks the 1.0685 support level, it will head towards the local support level of 1.0520. Its breakthrough will ultimately return EUR/USD to the global bearish market zone.

Support levels:1.0685, 1.0600, 1.0520, 1.0500

Resistance levels: 1.0720, 1.0734, 1.0775, 1.0800, 1.0825, 1.0900, 1.0950, 1.1000, 1.1070, 1.1100