Can you believe we’re already into the middle of the week? Get more of them pips with these forex trade opportunities on NZD/USD and EUR/CAD!
Support alert! EUR/CAD is trading just above the 1.5050 psychological handle, which is right smack at a range support level on the 4-hour time frame.
What makes the setup more interesting is that stochastic is chillin’ like a villain in the oversold territory.
Buying at the earliest signs of bullish momentum would give you a good reward-to-risk ratio especially if you aim for the range resistance near 1.5200.
If you’re one of them euro bears, though, then you could also wait until EUR/CAD clears the range support AND the 200 SMA before you place any short trades.
It’s make or break for the bulls, yo! Watch this setup closely to see how the bulls and bears react to the support level!
After falling sharply a couple of hours ago, NZD/USD is now trading around the 0.6800 major psychological level.
And look at that, the level is also near an ascending channel support that hasn’t been broken since the start of the year!
Can the bulls maintain the uptrend? Or will the bears finally overpower the other team and force a pattern breakout?
NZD/USD hasn’t quite reached the channel support level, so there’s still enough room for some selling before more of them bulls step in.
Of course, it’s also possible that the bears – who did a lot of damage with one 4-hour candle – are just pausing before they take a shot at dragging the Kiwi below its channel.
Whichever bias you’re trading today, make sure you execute them trades according to trading plan, aight? Can’t trade for another day if there is no more account to trade!