Our Strength Vs Weakness Tables Say:
EUR Downside Call Still Live !
Wed 7th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURAUD (Primary Focus Pair)
- EURCAD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| EURAUD Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.6100 | ||
| Stop Loss (Min) | 1.6214 | -114 Pips | 1: 1.75 |
| Stop Loss (Max) | |||
| Profit 1 | 1.5900 | +200 Pips | |
| Profit 2 |
Details:
EUR remains atop of our live forex strength vs weakness tables as weakest.
This allows us to continue to watch EURAUD and EURCAD for short trading opportunities as AUD and CAD remain strong.
Unfortunately, we have not been entered into EURAUD on our previous set ups, but that does not mean we cannot re-adjust our positions to look for an alternative entry.
We know price has completed a head and shoulders pattern, showing the trend may be changing.
If price continues to trade lower it could target support at 1.5900.
We can look to adjust our entry to the H1 (hourly) 50 moving average, this can act as resistance for price and potentially provide us with a short-side entry.
Technical Observations:
- EUR is W1 and AUD is S1 on the day traders table.
- EURAUD has traded through recent support of 1.6200.
- Price action traders could spot the head and shoulders reversal pattern.
- Sellers could look to target key support at 1.5900.
- Alternative entries can be made around the hourly 50 moving average.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
