Market Volumes Back This Week- Will EURUSD Trade Lower ?
Mon 4th September 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURUSD (Primary Focus Pair)
- AUDJPY (Covered In Video)
- EURAUD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
Welcome back traders!
It’s a new month which could host considerable trading opportunities.
Volumes are returning after the August holiday period, although today is Labor Day in the US and Canada, so full volumes should return as of tomorrow.
Our live proprietary forex strength vs weakness tables are nearly full, with AUD and EUR topping the day traders table.
EUR is currently W1 and AUD is S1 making it a pair of interest, but our attention today is drawn to EURUSD.
USD is S1 on our trend traders table and W3 on our day traders table, showing signs that long term Dollar strength could continue.
EURUSD has been in decline since reaching the highs of 1.1250 and has recently broken down through the daily 200 MA support.
This could fuel further selling opportunities in the forex pair, with potential to target the weekly swing lows of 1.0675.
On the hourly chart we can see a potential area of resistance forming between the prior lows, the daily 200 moving average and the hourly 50 moving average at around 1.0820.
If the 1.0820 level holds as resistance it could provide traders with a short opportunity.
