Daily Analysis EURUSD - 23 June 2023

The dollar received support on Friday due to increased risk aversion, caused by hawkish comments from global central banks, including the Federal Reserve. These comments raised concerns that their aggressive monetary tightening could lead to a deeper economic downturn. Federal Reserve Chair Jerome Powell stated on Thursday that the central bank would proceed with interest rate adjustments at a cautious pace. A majority of the Federal Open Market Committee members anticipate more rate hikes in the future.

While higher interest rates typically strengthen currencies, the risk of triggering an economic downturn has prompted some investors to seek safe-haven assets such as the U.S. dollar. The market's next significant concern will revolve around the possibility of a recession and the level of aggressiveness policymakers will adopt.

The price action of the EURUSD after reaching the 1.1000 level a correction happened and the 1.0860 support level is waiting for it.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1080	1.1050	1.1000	1.0950	1.0912	1.0860