EURUSD Trades Above Weekly Resistance: Time To Long?

Mon 16th January 2023 : Daily Currency Strength Analysis

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

• EURUSD
• AUDUSD
• USDJPY

EURUSD Trades Above Weekly Resistance: Time To Long?

In today’s currency strength video we identified the USD is the weakest currency at W1 on both tables. 

Most USD pairs are at support and resistance except for EURUSD. The price of this currency pair is trading above the weekly resistance of 1.0775 which were formed in May 2022. 

The weekly chart shows that if the trend were to continue we could see the price trade higher towards 1.1150.

Trend traders will be looking for the price to retest the weekly highs of 1.0775  and as long as it remains above these highs they will look for opportunities to the upside.

Technical Observations

• The USD is W1 and EUR is S2 on the day trading tables.
• Price is trading above weekly resistance.
• The price is also above the Daily 200 Moving Average.
• If the price can retest and hold above the weekly highs price will likely trade higher.
• The h4 chart could offer early opportunities on bullish price action.