EUR/USD Rebounds, Faces Resistance at 61.8% Fibonacci Level

7. Juni 2023

EUR/USD exhibits signs of recovery as it gains momentum and surpasses the 1.0700 level following an earlier drop below 1.0670. With no significant data releases in sight, the prevailing positive sentiment in the market poses challenges for the US Dollar to strengthen, thereby assisting the pair's upward movement. However, caution is warranted as the price approaches the 61.8% Fibonacci level, coinciding with the dynamic trendline of the bearish channel. This convergence may trigger a pullback in line with the prevailing downtrend momentum.