Can you believe we’re already into the middle of the week? Get over the mid-week hump with these short-term setups on EUR/GBP and NZD/JPY!
First up is a nice and simple uptrend on EUR/GBP. As you can see, the pair is having trouble breaking below the .8760 level, which is right smack at a rising channel support on the 1-hour time frame.
What makes the setup more interesting is that stochastic is about to leave oversold territory. What’s more, the 100 SMA looks like it’s now serving as support for the pair!
A long trade at current levels could get you a good deal if you believe that the euro will head to its previous highs near .8850. Just make sure you don’t place your stops too tightly, aight? Currency crosses like these can see volatility like nobody’s business!
After breaking below an uptrend and the 80.00 major psychological handle, NZD/JPY looks like it’s seeing some retracement.
In fact, Kiwi is now back to the 80.00 handle that’s just near the 100 SMA, 38.2% Fib, and a support and resistance area on the 1-hour time frame. Coincidence? I think not!
Shorting at current prices could get you a pip or two if you believe that the New Zealand dollar will drop below its January lows. If you think that Kiwi isn’t done retracing, though, then you could also wait for a bit of consolidation before jumping in.
In any case, make sure you have a tight trading plan before you enter your orders!