This setup has all the signs of greatness. We’ve got Stochastic showing oversold conditions, a bullish divergence in the works, the 50% Fib, and a potential resistance-turned-support level! Y’all better keep your eyes on the 1.5400 handle because we’ll most likely see some sort of market reaction as price approaches that major area of interest. A bounce off this level could lead to a rally back up above 1.5500!
The rising trend line on EUR/USD finally broke down! Is this a sign of more losses to come? If sellers keep this up, we might see price touch the recent low at 1.3200 soon. Who knows, the pair may even reach 1.3100 in the coming days!
Rounding up today’s trio is this range on GBP/JPY. Though it’s not quite ripe for the picking, it is something to watch. Now that the pair has come off its low around 148.00, it’s closing in on the major resistance area at 154.00. Keep tabs on this pair because a major bounce-or-break opportunity may arise as it approaches the top of the range.
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.