It’s Friyay, yo! See if you can get your last-minute pips from these forex support play opportunities on EUR/USD and GBP/JPY!
EUR/USD just bounced from the 1.2300 major psychological handle, which isn’t surprising since it lines up with a rising trend line that goes back to mid-December, a 200 SMA retest, AND a range support that seems to have formed since early January.
But does the bullish momentum have legs now that stochastic is out of the oversold territory? If the 2018 range continues to play out, then we’ve got about 175 pips left before the euro hits its previous highs.
If you’re one of them euro bears, though, then you could also wait for a break below the 1.2300 handle and aim for the next support around the 1.2000 levels.
Watch this one closely, forex brothas!
Dollar-trading not your thing? Here’s another support play for ya! GBP/JPY is having trouble breaking below the 148.75 level, which lines up with a range support on the 4-hour time frame. What’s more, stochastic is chillin’ like a villain on the oversold region!
A bounce from the level could push the pound all the way to 150.50, which has been serving as area of interest since late November.
But if pound bears decide to attack, then we could see Guppy fall to the next support around 147.50.
Whichever bias you trade today, make sure you practice good risk management decisions when executing your trades!