09/11/22 Daily Currency Strength Analysis: EURUSD- ECB Fuelling The EUR Strength

Wed 9th November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• EURUSD
• EURJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

EURUSD- ECB Fuelling EUR Strength

In today’s currency strength video we identified that EUR is S1 on the Day Traders Table and the USD is W1 on the Day Traders Table.

Recently ECB members have been holding a hawkish tone calling for the European Central Bank to hike interest rates further.

The price of EURUSD has also been helped by the recent spell of USD weakness. 

Currently the price is trading below the key resistance of 1.0100 but above parity. If the price breaks above this level a move higher is more likely.

Technical Observations

• The USD is W1 and the EUR is S1 on the day traders table.
• Price has recently broken out of a weekly bearish channel.
• Support of a bullish trendline formed from the recent higher lows acted as support for price again.
• Currently the price trades above parity but below the previous range resistance of 1.0100.
• Trend traders need to wait for the price to rally above this resistance before looking for opportunities to 1.0350.
• Day traders may consider the 4hr breakout as an option.