Trade ideas thread – European session 11 July 2023

<p>Are we headed towards the next leg lower in the dollar? Well, there's certainly an argument to be made with EUR/USD testing waters above 1.1000 again and GBP/USD moving up to near 1.2900 – its highest levels since April last year. The former has key resistance at the April and May highs at 1.1075-95 while the latter might have room to roam towards 1.3000 next potentially.</p><p>Adding to that, USD/JPY is also losing altitude in a fall from 145.00 to back under 141.00. That said, the move there also owes to a retracement in the yen itself after seeing extended weakness in June. In any case, things are certainly lining up now and all traders might need is just confirmation from the US CPI data tomorrow.</p><p>Looking elsewhere, gold is still holding up from support at $1,900 but needs a push above the recent highs at $1,935 to extend the rebound momentum. Meanwhile, WTI crude oil is facing some resistance from its 100-day moving average at $73.53 and that is now the key level to be mindful about.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.