Our Tables Reveal A Potential 400 Pip EURUSD Move
Mon 15th May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURUSD (Primary Focus Pair)
Primary Focus Pair: Overview
EURUSD
USD strength has returned, this is highlighted by our forex strength Vs weakness tables as S1.
EUR is on the weak side of our tables, offering us potential downside in EURUSD.
When looking at EURUSD, we can see price has traded through a trendline support which started from the lows in September 2022.
This long term trendline break highlights the potential for price to change trend.
Price found resistance at 1.1100 and consolidated, since then price has broken down through the lows and key support.
This consolidation area could act as resistance if it were to be retest.
If price does trade lower, the support of 1.0525 would be prime targets for sellers.
This level is over 400 pips away, offering strong reward to risk trade opportunities.
Sellers could wait for price to retest the lows of the consolidation zone between 1.0950 and 1.0900.
If bearish price action begins to form here, we could look for sells down to the first support of 1.0800, then down to the 1.0525 level.
Technical Observations:
- USD is S1 and EUR is S3 on the day traders tables.
- Price has found resistance at the key highs of 1.1100.
- Trend line support has been traded through, suggesting a strong reversal in the trend.
- Resistance at 1.0950 could be a level where sellers enter the market.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
