EUR Strong As Risk On Returns
Wed 19th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- USDCHF (Covered In Video)
- NZDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| EURJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 156.30 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 155.45 | -85 pips | |
| Profit 1 | 158.00 | +170 pips | 1: 2 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Our live forex strength vs weakness tables are quiet compared to yesterday.
CHF remains the strongest currency on both tables and EUR remains the second strongest currency.
On the weak side of our tables, JPY has appeared and we have started to see risk-on sentiment re-entering the market.
EURJPY has been seen to break through minor highs, for instance on our H4 /H1 charts we can see price is forming an upward trend, with price making higher highs and higher lows.
Buyers could be targeting prior major highs at 158.00. This leads us to consider that traders see an opportunity to go long into this prior resistance.
On our trading time frame (H1 chart) we can see that price has formed a prior high at 156.00 before breaking higher.
At present we are particularly interested in the 156.30 handle as this level holds confluence with a bullish trend line support and a 50 period moving average.
If price retraces back to the 156.30 level it could be a strong level of support for buyers, potentially offering a near 200 pip trading opportunity.
Technical Observations:
- Price is making new highs and lows on he H4/H1 chart.
- Buyers could be targeting recent major highs of 158.00.
- Support is forming around 156.30 which holds confluence with a 50 moving average and trend line.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
