Y’all recover from your chart partyin’ yesterday? It’s time to rise and shine with a rising trendline on EURJPY! The pair might have played around the 112.25 handle over on the 4-hour chart, but the trendline was just too fancy to be ignored! Be careful, as stochastics is now crossing over out of the overbought zone. We may just see sellers jump in and go for a break of the trendline! Watch out though, because if support holds, we may see price jump back up and test the 114.00 handle!
Check out the awesome-looking Fib lines in the 1-hour chart! It looks like the .9575 handle has been holding as support a while now, and ain’t it a coincidence that it lines up with the 38.2% Fib? Even stochastics is screaming a buy signal from oversold territory. Will the pair touch support before going up, or is the last green candle telling us that we’ve missed the bus?
Let’s go back to that EURGBP chart that I pointed out last week. It seems that the neckline of the double bottom chart formation has been holding as resistance, as the pair cannot break through convincingly. But wait, is that a bullish pennant now forming right at the resistance? Look for a break above .8600 as a signal that this pair will continue its bullish run! Who knows, it might just test for highs at .8800!