Euro bears watch out! EUR/USD just bounced from the bottom of a rising channel on the 4-hour time frame and it looks like the bulls are ready to push it higher. Of course, it doesn’t hurt that the euro is currently sitting at big 1.3000 handle. A stop loss below yesterday’s lows could still get you a tight risk ratio if you believe that this baby would reach the top of the channel.
Somebody holler at Happy Pip because this comdoll setup is too good to miss! I spy with my bright eyes a potential rising wedge on the USD/CAD‘s 4-hour chart! If you’ve read your School of Pipsology lessons you would know that this could be a sign of a reversal. Think the pair has reached a top?
Last up for the day is a simple resistance play on GBP/JPY. The pair looks like it’s on its way to the 153.75 handle, which has held as a strong resistance level since April. I wouldn’t put an uber-tight stop loss on this one though, since the pair could still zoom up to its former highs before we see any exhaustion. Pay attention to your candlesticks, homies!
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.