11/01/23 Daily Currency Strength Analysis: EURUSD Longs Hit Roadblock

Wed 11th January 2023

Today, Our Daily Currency Strength Weakness Video is looking at Trading Setups in:

• EURUSD
• GBPCAD

EURUSD Longs Hit Roadblock

In today’s currency strength video we take a look at EURUSD and GBPCAD. 

The currency strength meter shows us that EUR is S2 and USD is w2 on the day traders table.

Before considering going long on the EURUSD pair, it’s important to wait until the price has traded above the key resistance at 1.0775.

This level has been a significant point of resistance in the past and breaking above it could indicate a strong bullish move. 

It is important to note that the price could be stalling due to the upcoming Consumer Price Index (CPI) data that’s set to be released this afternoon.

Technical Observations

• The EUR is S2 and USD is W2  on the day traders table.
• The weekly chart shows the price heading towards the May 22 highs at 1.0775.
• The last time the price was here price fell over 1200 pips. 
• Price is trading above the daily 200 moving average.
• The price found support at the previous trendline resistance. 
• If the price trades through the 1.0775 high we could expect a rally to 1.1150.