EURUSD Will 1.10 Resistance Hold?
Thurs 13th April 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURUSD
- EURJPY (Covered in Video)
Today we’re looking at Trading Setups in: EURUSD & EURJPY (Covered in Video)
EUR has remained the second strongest currency on both tables.
USD has re-appeared on the day traders table as the 3rd weakest currency, suggesting EURUSD could trade higher.
Looking at EURUSD, we can see it is trading at resistance of 1.1000.
The last time price was here it fell 500 pips lower; will history repeat itself ?
Fundamentally, the USD is weak and that outlook doesn’t look to change anytime soon.
However, we also don’t want to go long on a currency pair that is right at resistance.
We need price to either pullback or break through the highs in order to identify an opportunity.
If price rejects the 1.1000 level and retraces to the recent highs and trend line support around 1.0925 we could look for bullish reversal opportunities.
Alternatively, we could wait for price to break through the 1.1000 highs and retest for an opportunity to buy to 1.1175.
Technical Observations
- The EUR is S2 and USD is W3 on the day traders table.
- Price is in an upward trend.
- Price is currently trading at the 1.1000 resistance.
- If price trades through this area, traders could look for a break and retest opportunity.
- Longer term traders could consider price pulling back from this level and to support of 1.0925.
- Traders going long could target the key resistance at 1.1175.
