First up, let’s see what’s poppin’ on EUR/CHF! After dropping more than 800 pips over the past couple of weeks, EUR/CHF has found good support at the 1.1000 psychological handle. The question is, how much longer can it hold? The pair has consolidated into a symmetrical triangle, so it may only be a matter of time till we see a breakout. Be on the lookout for a strong candle close below 1.1000 as a sign that this pair is headed for new lows.
Next up, I’ve got Cyclopip‘s arch-nemesis, EUR/JPY! Over the past couple of months, EUR/JPY has formed a descending triangle and is now slowly approaching the bottom support line. Now that the pair has fallen 5 days in a row, have the bulls have had enough? With Stochastic already chillin’ in oversold territory, I’ve got a feeling that buyers may be getting ready to jump back in at around 107.50.
Lastly, here’s my take on EUR/CAD. It seems that the 1.4000 is the line-in-the-sand for this pair, as it has served as solid resistance-turned-support level. Furthermore, the pair looks to have formed a bearish flag, while Stochastic has just crossed over to the down side. Still, with all the choppiness in the markets, I’d wait for a solid marubozu candle close below 1.3900 before swooping in for the kill.
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. Check him out, playas!