A Mixed Week Behind Us. Moving On !
Fri 2nd June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURCAD (Primary Focus Pair)
- EURGBP (Covered In Video)
- CADJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| No Trade Call Today | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Details:
EUR is a weak currency going into Fridays trading, CAD remains strong after some positive GDP data.
EURCAD is one to watch for further downside as price trades through key levels of support.
We spoke about this currency pair earlier in the week as we expected a breakout lower.
Price has broken through key lows and support around 1.4650 and is moving towards another level of support in 1.4250.
Traders could identify short opportunities on pullbacks targeting these lows.
Technical Observations:
- EUR is W3 and CAD is S2 on the day traders table.
- Price has traded through multiple supporting levels.
- Traders selling this pair could look to target the next swing lows around 1.4250.
- Day traders could look for short term pullbacks for entries.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
