Intraday Forex Charts Update – Mar. 3, 2016

EUR/CAD: 1-Hour

EUR/CAD: 1-hour Forex Chart

EUR/CAD: 1-hour Forex Chart

As I always say, one of the most conservative ways to play a descending channel is to look for opportunities to short near the channel’s resistance area. And, as luck would have it, that’s where price is currently heading to, so y’all better get ready. There’s a chance that price may not test the channel’s resistance area, however, since stochastic is already indicating overbought conditions while the 100 SMA seems to be acting as dynamic resistance.

EUR/GBP: 1-Hour

EUR/GBP: 1-hour Forex Chart

EUR/GBP: 1-hour Forex Chart

As I always say, one of the most conservative ways to play a descending channel is to look for opportunities to short near the channel’s resistance area. And, as luck would have it, that’s where price is currently heading to, so y’all better get ready. There’s a chance that price may not test the channel’s resistance area, however, since stochastic is already indicating overbought conditions while the 100 SMA seems to be acting as dynamic resistance. In any case, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, okay?

EUR/AUD: 1-Hour

EUR/AUD: 1-hour Forex Chart

EUR/AUD: 1-hour Forex Chart

Not too bearish on the euro? Then how about a counter-trend setup on EUR/AUD? As y’all can see, price is currently at the bottom of the channel and seems to have found some support. In addition, stochastic is already pointing up and moving away from overbought territory, so forex traders who are bullish on the pair may be taking over already. Again, this is a counter-trend setup, and the moving averages are indicating a very healthy downtrend, so more conservative forex traders may wanna sit this one out, unless you’re really bullish on the euro.

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