Is this setup beautiful or what? EUR/JPY is finding support at a rising trend line that has been holding since early August. Not only that, but a bullish divergence has also popped up right when the pair is trading near the 101.00 psychological level! Will the euro bulls step up to the challenge and push the pair higher?
Hey look, homies! EUR/GBP just got rejected at a previous resistance area! The pair just bounced from the .8100 handle and formed a nice double top on the daily chart. Of course, the overbought stochastic signal isn’t looking half bad either. A stop above the previous highs could give you a good risk ratio if you aim for the neckline at around .7950.
Somebody holler at Happy Pip because this setup is too hot to not trade! After falling from its 1.0400 highs in June, it looks like the USD/CAD bears are taking a breather near the .9800 area and forming a possible bearish pennant. Pennants can also be symmetrical triangles though, so watch this setup closely in case it breaks to the upside!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.