The price of EURUSD has fallen most recently as the USD continues to strengthen. Could this offer short trading opportunities?
Watch the video to learn more…
The price of EURUSD has continued to move lower after rejecting the major highs at 1.0600. The ECB have announced they will be hiking rates in July but this has come a lot later than other central banks which has caused the EURO to weaken. This was also highlighted on the strength meter as the currency reversed from the highs. The USD has been strengthening due to the Federal Reserve raising rates aggressively and risk rising.
The chart shows the price dropping aggressively after failing to break out of the key highs. If the price is going to remain bearish we could see a retest of the key swing lows at 1.0300. Looking at the 4hr time frame we can see that the price formed a small retracement before continuing lower, this could offer an area of resistance for further opportunities. The 1.0500 level is important because the price sold off from this area again, and if the price was to retest this level we could look for opportunities to see bearish price action form.
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