The EUR/USD chart shows a climb from the 1.066 level on June 3 to the 1.075 level, with a peak of 1.0765. Consolidation seems hard to maintain. On June 4, however, it retreated back to the 1.073 level. It attempted to rise higher towards the 1.075 range early on June 6, but failed again, leading to a regression to the 1.07 and then to the 1.065, where it found support at the close of the June 7 session.
Early on in the day on June 8, we observed a rebound from the support level and the construction of a leg up in the 1.068 zone. We saw another leg extending the uptrend early in today's session, pushing high into the 1.074 region before retracing its steps down to the 1.071 level where it was last seen trading.Today, a rise towards the 1.074 range or consolidation at the current level is possible. If it fails to consolidate at the same level, it is likely to go below the nearest temporary support level in the 1.075 range, maybe as low as the 1.068 range.
