Whether you like trading trends or ranges, I got yo back with these swing trade opportunities on EUR/USD and CAD/JPY. Check ’em out while they’re hot!
Breakout alert! EUR/USD has broken above what looks like a symmetrical triangle after pausing from a weeks-long uptrend. Question is, will the breakout have enough legs to push the euro to new 2018 highs against the dollar?
The 1.2500 psychological handle is the level to watch here, as it lines up with the pair’s highs around late January to early February. If the pair breaks above the level, then we might see fresh momentum that could propel the pair to the 1.2800 – 1.3000 areas.
But if the pair gets rejected around 1.2500, then we might be looking at a range after all, and the pair could drop back down to its 1.2300 – 1.2200 support levels.
This one’s for the range playas out there! CAD/JPY looks like it’s about to bounce from the 81.00 major psychological level, which isn’t surprising since the area has been an area of interest since 2016.
Stochastic has already left the oversold area, though, so y’all might want to wait for some bullish momentum to see if we’re not about to see a downside breakout after all.
Buying at current levels could get you a good reward-to-risk ratio especially if you aim for the previous resistance near 88.00. If you’re one of them Loonie bears, though, then you could also wait for a break below the 81.00 support before placing your orders.
Whichever bias you choose to trade, make sure you practice good risk management when you execute, aight?