Daily Forex Chart Art – Apr. 6, 2015

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart

EUR/USD 1-hour Forex Chart

Looks like the NFP volatility wasn’t enough to stop the bears from defending EUR/USD’s 1.1000 handle! The level held despite last Friday’s price action, but is now being tested in early Monday trading. Will the resistance hold? Stochastic is currently on the bears’ side with an overbought signal, but keep an eye out in case we see an upside breakout instead of a solid range. A tight stop just above the area is a good idea if you’re one of them euro bears, while a buy stop order is in order if you think the euro isn’t done kicking the dollar’s butt just yet.

EUR/CAD: 4-hour

EUR/CAD 4-hour Forex Chart

EUR/CAD 4-hour Forex Chart

Here’s one for the euro bulls! EUR/CAD’s 1.3750 area is being tested on the 4-hour chart and, judging from the higher lows, the bulls are getting impatient. If you haven’t read your triangles lesson on the School of Pipsology, then you should know that ascending triangles tend to lead to upside breakouts. Be careful though, as it’s never a done deal and we could still see the pair break below the rising trend line. Read up on trading breakouts if you’re planning on taking this setup!

EUR/GBP: Daily

EUR/GBP Daily Forex Chart

EUR/GBP Daily Forex Chart

Last one up for today is this possible retracement play on EUR/GBP. The pair is currently lollygagging at the .7400 area, which is right at the major Fib retracement levels and just below the 100 SMA zone. It doesn’t look like it has downward momentum just yet, so the euro bears probably have a couple of days to decide on where they can enter their orders. A stop above the Fibs and SMAs is a good idea if you think that the euro is in for more deep losses against the pound.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis. Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.