Whether you’re into comdolls or currency crosses, I got your back with these forex trade opportunities on USD/CAD and EUR/GBP. Get ’em while they’re hot!
Geronimoooo!!! As you can see, USD/CAD turned lower before it hit the 1.3250 handle near a descending channel resistance. We don’t have to look far to see that the 200 SMA had done its job as resistance instead.
Will this mean that the dollar is set to extend its downtrend against the Loonie? Shorting at current levels could still get you a good reward-to-risk ratio especially if you aim for the previous lows near 1.3150.
If you’re not interested in selling the Greenback, however, then you could also wait for the bulls to step in and force an upside breakout.
Whichever bias you’re trading, just make sure that you’re following your trading plan when managing your risks!
Here’s one for the range playas out there! EUR/GBP is back at the .8700 major psychological handle that has been supporting the pair since late 2018.
Can the bulls hold the fort for another day? Stochastic is on their side with an oversold signal, though I’m not seeing any bullish momentum just yet.
Watch this one closely to see if you can get a pip or two from a potential bounce or range breakout!