Where my euro-trading brothas at? We’re looking at not one, but TWO setups on the common currency today! Think you can make pips from these charts? Check it!
EUR/CHF is about to knock on the 1.1450 handle! As you can see, the level has been serving as support and resistance for the pair since January 2018.
Can the bears defend 1.1450 for another day? The pair hasn’t reached the range resistance yet, so y’all have time to think about what you’re gonna do in case of a retest.
Old school range traders can sell at the retest and aim for the support around 1.1200. If you’d rather trade an upside breakout, though, then you could also wait until EUR/CHF pops up legit bullish candles above 1.1450.
Good luck and good trading this one!
Here’s a simple resistance play for ya! EUR/NZD is testing the 1.1700 psychological handle, which has been an area of interest for the pair since the start of 2018.
Oh, and with stochastic flirting with the overbought territory, you can bet that other bears are already watching this one.
Shorting at current levels would give you a good reward-to-risk ratio especially if EUR/NZD ends up retesting its lows near 1.6350.
If you’re a euro bull who would rather buy the common currency, then you could also wait for the pair to break above 1.7100 before you think about executing any buy orders. In this case, the 1.7900 previous resistance level would make for a good target.
Not a fan of trading currency crosses? No worries, you can always stay in the sidelines. Remember that no trade is better than a forced trade!