EURUSD Breakout Eyes 1.1100?

Mon 23rd January 2023 : Daily Currency Strength Analysis

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

• EURUSD
• NZDJPY

EURUSD Breakout Eyes 1.1100?

In today’s currency strength video we identified that the USD remains weak being W1 on the trend traders table and W2 on the day traders table. 

The EUR has appeared as S3 on the day traders able which could show strength coming into the currency.

The price of EURUSD on the monthly time frame has recently traded through a long term trendline resistance.

This trendline resistance has been retested as support and price has climbed higher. 

If the momentum continues could we see the price of EURUSD reach 1.1100?

Technical Observations

• The EUR is S3 and USD is W2 on the day traders table.
• Price is bullish on the monthly time frame.
• The price is trading above the weekly highs of 1.0775.
• The H4 chart shows breaking above the range highs.
• If price can find support at the range we could expect the recent bullish trend to continue.