Let’s kick off today’s chart art with a look at the most liquid pair of all, EURUSD! It looks like the pair is starting to retrace some of its losses but something tells me that this upmove would only serve as an opportunity for the bears to load up on shorts. Keep a close eye on the 50% Fibonacci retracement level (1.2750)! The pair could find resistance and move lower again.
Is EURGBP in for a fall? Judging by the descending channel on my 4-hr chart, it just might be! The pair has been playing around the top of the channel for the past few candles, and stochastics is fast approaching the overbought region. Will the pair finally break the channel, or will it continue its slide down the pip charts?
Check out the fancy Fibs over at the 1-hour chart of GBPJPY. Did you see how it bounced off the 38% Fib? Now that the pair is going up, will it re-test the Fib level, or will it go all the way down? My buddy stochastics is currently on the middle ground, but watch for any signs that could give direction! The 129.00 handle could be a sweet spot to take profits if the pair failed to go past the Fib resistance.