EURUSD Short Trade Idea Forming At 1.0775?

Thurs 9th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• EURUSD
• USDJPY(Covered in Video)

EURUSD Short Trade Idea Forming At 1.0775?

In today’s forex strength video we identified that the Euro (EUR) is on the weak side of the tables and the United States Dollar (USD) is on the strong side.

Price found resistance at 1.1000 before the unexpected NFP numbers sent the price much lower.

The supporting trendline which formed back in October 2022 has been broken through.

Currently price is trading below this trendline and key horizontal resistance of 1.0775.

The slow build up below this level suggests a breakout opportunity could be forming.

Traders could wait for a false breakout of the level to form before looking to sell or wait for a breakout lower.

Sellers could target the 1.0600 support.