First up is a nice and simple Fib play on EUR/USD. The pair is currently testing the 1.1350 minor psychological handle, which is right smack at the 50% Fib on the 4-hour time frame. What makes this setup more interesting is that it also lines up with an area of interest that’s been serving as support and resistance since late March. Will that lead to a bounce lower today? Read up on using Fibs to enter forex trades if you haven’t done it yet!
Trend players huddle up! GBP/USD is having trouble breaking below the 1.4450 levels, which lines up with a rising trend line retest on the 4-hour chart. What’s more, stochastic has also just left the oversold territory. Think GBP/USD will bounce from the trend line? A long trade at current levels could give you a sweet trade especially if you place your stops just below the trend line.
I spy with my cool, Ray-B-covered eyes a support-turned-resistance scenario in the making! GBP/JPY is about to hit the 156.30 area, which is right around a rising trend line that was broken a couple of days back. Shorting at the retest could get you a good trade if you believe that the pound is headed for its previous lows. Just make sure you practice good risk management, aight?
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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.