The EUR/USD pair failed to surpass the 1.0765 resistance level and subsequently declined once again. The 4-hour chart reveals the formation of a major bearish trend line with resistance at 1.0710. Currently, the pair is consolidating near the 1.0670 support zone. Despite facing resistance at 1.0710, a clear move above the 1.0720 resistance level could potentially push the pair towards 1.0750. However, the main resistance is still seen near 1.0765. On the downside, immediate support lies at 1.0670, with the next major support at 1.0650. A break below 1.0650 could lead to a larger decline, possibly towards 1.0550.
GBP/USD experienced a significant decline and breached the 1.2680 support zone. This bearish movement indicates a shift in market sentiment towards the pair. The downward trend could continue if the pair fails to regain above the support level. Traders should monitor the price action closely to determine the next potential move.
Bitcoin price also saw a decline and traded below the $64,200 support level. This downward movement could signal a bearish sentiment in the cryptocurrency market. Traders and investors should pay attention to key support levels and resistance levels to anticipate potential price movements in Bitcoin.
The German IFO Business Climate Index for June 2024 is forecasted to be at 89.7, compared to the previous reading of 89.3. Additionally, the German IFO Current Assessment Index for June 2024 is expected to be at 88.4, versus 88.3 previously. These economic releases could potentially influence market sentiment and impact the trading strategies of forex traders. It is essential for traders to stay updated on economic indicators and reports to make informed decisions in the forex market.
Technical analysis plays a crucial role in forex trading by providing insights into market trends and potential price movements. Traders should utilize technical analysis tools and indicators to make well-informed trading decisions. By analyzing key support and resistance levels, traders can develop effective trading strategies and manage risk efficiently in the dynamic forex market. It is imperative for traders to stay informed about economic releases and market sentiment to stay ahead of market trends and capitalize on trading opportunities.