EURUSD Will Price Reach 1.1100?

Thurs 2nd February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• EURUSD
• USDCHF
• GBPAUD

EURUSD Will Price Reach 1.1100?

In today’s currency strength video we identified that the United States Dollar (USD) was one of the weakest currencies and the Euro (EUR) was one of the strongest. 

In the news yesterday the Federal Reserve hiked interest rates to 4.75% from 4.50% and the Chairman remained dovish causing the USD to weaken.

Today the European Central Bank (ECB) are forecast to hike interest rates to 3.00% up from 2.50%. The ECB President Lagarde has been hawkish of late suggesting more 50 basis point hikes are to come. 

This could help strengthen the EUR further and could see the price of EURUSD reach 1.1100.

Looking at the price chart of EURUSD we can see that the trend is to the upside and that price has been breaking key highs.

Most recently breaking out of the 1.0925 highs, if the price were to retest this as support we could look for a buying opportunity around this area.

Technical Observations

• The EUR is S2 and USD is W2 on the day traders table.
• Price continues to make higher highs and higher low showing an upward trend.
• The price could find support at the recent resistance of 1.0925.
• If the price trades through this level we have a trendline support that formed from the lows in November 22
• Price is currently trading above the daily 200 moving average.