If you love trading trend lines and support and resistance levels, this setup’s for you! EUR/JPY has recovered from last week’s lows, but is now testing a major resistance point. Will it hold or is a breakout imminent? With Stochastic crawling out of overbought territory, we may see sellers jump in soon. But if we see a solid candle close above the resistance line, you know what to do!
Flagception on EUR/USD? That’s right folks, it looks like we’re seeing a flag within a flag, as price is now testing major resistance. If you think a breakout is in play, you can set orders just above the recent high and wait for a spike higher!
Is it time to hop back in on the long USD/CAD bandwagon? After all, we’ve got a couple of signals favoring a buy position! First, the 61.8% Fib is holding pretty nicely, as price just can’t break lower. Second, bullish divergence appears to be forming as well. If you’d prefer to wait, you might wanna wait for a bullish candle close before establishing a position.
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.