I’ve got two setups that I’m watching for possible trades this week! Which one would you trade?
EUR/USD just found support from a 61.8% Fib on the 1-hour chart, which is cool since it’s also near a rising trend line and 200 SMA support. Is it a good time to buy the euro though? With the dollar riding an NFP high and the euro in hot water over the lack of deals in Greece, I’m not so sure about buying this pair just yet.
This one requires more time and patience before pulling the trigger. I’m spotting an SMA crossover on the 1-hour chart, which supports a possible reversal for the pair. Cable hasn’t broken above its range though. In fact, the trend line from the second half of May still looks intact. What do you think? Are we seeing a pause or the start of a reversal for GBP/USD?
There you have it, folks! My possible trades for this week. I’m leaning towards buying EUR/USD if we see developments in Greece especially since we won’t see any major U.S. reports until the retail sales report later in the week. How about you? Any trades yet? 🙂