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We're buyers for now | 05 June 2023

05 June 2023, EUR/USD

We're buyers for now

EURUSD is moving in line with our previous analysis from June 2, 2023. The market experienced a bearish trend towards the end of last week and is currently in a corrective phase, following the ABC corrective pattern. The price is currently at the level of the minor corrective wave (B) at 1.0703. I anticipate that the market will form a bullish reversal pattern, potentially a double bottom, at this level. Subsequently, the price is expected to rise towards our target for the minor wave (c) at 1.0896. However, if the price breaks below 1.0896, this setup will be invalidated.

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We're buyers for now

Bob Stan
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