This pair looks like it’s making another push lower, which means it might finally retest the rising trend line that has formed on its 4-hour chart. A bounce off this level could lead to a rally to the previous high, while a break could lead to a massive drop back down to 1.0150.
Is EUR/JPY gearing up for a major upside breakout? Maybe! It has been forming a giant ascending triangle formation and it’s currently within striking range of the triangle’s resistance. Watch the area of 130.80 closely because if that level breaks, then we might see EUR/JPY rise to fresh highs!
Heads up, Swissy traders, you might soon be in for a major reversal! Looking at USD/CHF’s chart, we see price is struggling at the 61.8% Fibonacci retracement level, which just so happens to line up with a recent resistance area. And will you look at that, Stochastic is already indicating oversold conditions! If you want to play it safe, just wait for confirmation from candlesticks before acting on this setup.
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.