EUR Strong As Risk On Returns
Wed 19th July 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- USDCHF (Covered In Video)
- NZDCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
Details:
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.
