Can you believe we’re starting another trading month? Hit the ground running with these forex trade opportunities on EUR/USD and USD/CHF!
Remember that countertrend play that we spotted a few days back? Well, it’s time for the OG trend traders to step up!
EUR/USD is back at the 1.1225 handle, which is just below the descending channel resistance on the 4-hour time frame. What’s more, it’s also near the 100 and 200 SMAs on the chart!
Shorting at current levels would give you a good reward-to-risk ratio especially if EUR/USD ends up making new 2019 lows in the next couple of weeks.
If you’re anticipating a euro breakout, however, then you might want to wait before the pair breaks above the resistance levels that we’re watching before you place your long trades.
Whichever bias you choose to trade, make sure you’re practicing good risk management, aight?
Bear alert! USD/CHF is finding downside momentum after getting rejected around the 1.0200 levels.
Question is, how long can the bears sustain their selling pressure before the bulls step in?
The 1.0100 handle is a good bet as it lines up with the broken triangle resistance on the daily chart. Oh, and check how it lines up with a 38.2% Fib retracement!
Shorting at current levels could get you decent pips especially if the pair does dip back to the 1.0100 area.
If you’d rather trade a break-and-retest play, then you can also wait for an actual test of the 1.0100 handle before you execute your long trades.
Not confident on any of these biases? That’s alright, you can always stick to the sidelines until the pair shows stronger trends!