EURNZD & EURCAD A Combined +100 Pips Profit- What Next?
Thurs 10th August 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- EURNZD (Covered In Video)
- EURCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| Price | Pips +/- | R/R (Max/Min) | |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
EUR remains the strongest on our day traders table, this has helped our EURNZD and EURCAD positions.
EURNZD is currently +90 pips in profit and price is making new highs on the hourly chart, we can now move our stop losses to breakeven.
EURCAD is +45 pips in profit and has taken a similar route to EURNZD, again we can move our stops to breakeven.
Now we have freed up some of our risk, we can potentially look at another market of interest.
EUR is the strongest on our day traders table, the JPY is the weakest currency suggesting EURJPY could trade higher.
Prices of EURJPY have been in a strong upward trend, and have recently broken through weekly highs of 158.00.
The next level of resistance is 159.00, and could be targeted by buyers.
For us to get long on this move we would need to see a significant pullback, perhaps back to the 158.00 highs.
If price makes it back here and forms a bullish rejection we could look for long ideas.
Technical Observations:
- EURJPY is in a strong upwards trend.
- EUR is S1 and JPY is W1 on our day traders table.
- Buyers looking to target the next resistance of 159.00.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
