Daily Analysis EURUSD - 12 June 2023

The upcoming release of US consumer inflation figures on Tuesday, followed by the highly anticipated FOMC monetary policy decision on Wednesday, will provide important insights into the Federal Reserve's short-term policy outlook. These events will play a crucial role in determining the future direction of the US Dollar (USD) and offer significant momentum to the EUR/USD pair.

Meanwhile, a slight increase in US Treasury bond yields is helping the USD recover from its recent lows since May 24. However, the uncertainty surrounding the Fed's rate-hike trajectory is limiting further appreciation of the USD. Additionally, the growing expectations of additional rate hikes by the European Central Bank (ECB) are supporting the EUR/USD pair.

From a technical standpoint, the EUR/USD has formed a double bottom at the 1.0700 support level, indicating more uncertainty rather than a clear signal of a potential reversal. It is important to monitor the resistance area around 1.0750/1.0760. Conversely, there are support levels present near 1.0700.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0760	1.0700	1.0640	1.0600