The currency exchange market is a dynamic and ever-evolving landscape, where traders seek to profit from the fluctuations in currency values. In recent times, the Euro (EUR) has displayed remarkable strength that continues to reverberate throughout various currency pairs. This article delves into the ongoing EUR strength, highlighting the potential for further gains in the forex market.

The EURCAD Performance

Looking at trading this pair on minor levels, it seems like support has been found at price point 1.42415 when you look at it on a weekly frame. Traders must take note of a huge gap that will at some point be filled. We are looking at trading a possible correction to the upside.

Both inner trend and outer trend have been broken creating a high and a higher high.

Target 1 is set at a price point of 1.46053. Target 2 is set at price point 1.47326. Traders have a choice to hold all the way to target 2 or divide the movement into 2 targets. Breakout at price point 1.45208 is the ideal area we wait for follow-through on another higher high.

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The EURAUD Performance 

Like the EURCAD, we have broken the inner and outer trendline on the minor levels creating a high and a higher high signalling more upside. Target 1 is set at price point 1.68912. Target 2 is set at price point 1.70613. Traders must monitor micro levels for possible retracements and track the price on the minor levels for another higher high.

The EURGBP Performance 

We are finally through the resistance level creating another higher high above the price point 0.86975. The target is still set at a price point of 0.87892. Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own.

Final Thoughts On Today’s Analysis 

The continued strength of the Euro in the forex market presents opportunities for traders looking for further gains. While it's essential to capitalize on this strength, traders must exercise caution and employ sound risk management strategies, as currency markets are known for their inherent volatility.

In summary, the prevailing EUR strength is indeed filtering through the currency market, offering the potential for further gains. However, traders should be well-prepared, conducting thorough research and adopting effective risk management practices to navigate these exciting opportunities in the forex market. Subscribe to our YouTube channel here today.