Missed the move on EUR/USD yesterday? Don’t sweat, amigo! Looking at the hourly timeframe and using the Fibonacci retracement tool, it looks like we could soon have another chance at jumping in on the upward rally. Keep an eye out for the 38.2% level around 1.3060 where the pair previously found support and resistance. Reversal candlesticks around the area could mean that the euro would soon take another shot at 1.3100.
After a strong rally, it looks like the euro is taking a breather against the pound. EUR/GBP is now just chillin’ like a villain at .8720, lookin’ a lot like a bullish flag. Now, if you’re still feeling bullish for the pair, going long above yesterday’s high around .8740 looks like a good idea. But take caution! Who knows, the pair could pullback lower (all the way down to the 38.2% Fib) and test the previous resistance area at .8675 for support.
Here’s another Fib play, for y’all! NZD/USD just recently broke resistance at the falling trend line. However, price could soon trade around it again. This time though, the trend line could offer support. If there are enough bulls around .8250 where the 61.8% Fib level coincides with the trend line, we could soon see NZD/USD tap a new weekly high beyond .8350.
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.