Up and at ’em, forex brothas! We’re lookin’ at short and long-term euro trades, so make sure you’re ready to grab them pips today!
After finding support just above 1.1200, EUR/USD is now about 100 pips above the level and is flirting with the 1.1300 mark.
What makes the level more interesting is that it also lines up with a 38.2% Fib AND the 100 SMA on the 1-hour chart.
Will the euro extend its downtrend against the dollar? Shorting at the earliest signs of bearish momentum could work especially if the pair ends up making new monthly lows over the next couple of days.
Just make sure you consider contingencies in your trading plans in case EUR/USD bounces back up to the 1.1500 previous resistance levels!
Remember the support area that we identified a few days back? Well, it looks like the bulls and bears are having tight tug-o-pips around the level!
EUR/GBP’s .8700 major psychological handle is STILL intact today, yo! Not only that, but stochastic is now flashing an oversold signal.
A long trade at current levels could get you a good reward-to-risk ratio especially if you aim for the areas of interest near .8950 – .9000.
If you’re not a fan of the euro, though, then you might want to wait for a break (or even a break and retest) below .8700 and trade a downside breakout instead.