It’s all about the euro on today’s canvas, as we play around with forex trade opportunities on short and long-term charts of EUR/JPY and EUR/CHF. Get ’em while they’re hot!
EUR/JPY just got rejected at 122.75, which lines up with an ascending channel support on the 1-hour chart.
What makes the setup more interesting is that the 100 SMA has also just crossed above the 200 SMA. Coincidence? I don’t think so!
Buying at the earliest signs of bullish momentum could give you a good reward-to-risk ratio especially if you aim for the previous highs near 124.00.
If you’re one of them euro bears, however, then you might want to wait for a clear break below the trend line before you execute any short orders.
Where my range-trading brothas at?
Those who have been watching EUR/CHF’s long-term range should know that the pair is a few pips away from the 1.1200 major psychological handle. The MaPs hasn’t been broken since September last year, yo!
Will the bulls defend the level for another day? EUR/CHF hasn’t reached the 1.1200 mark just yet, so y’all still have time to work on your trading plans if you’re planning on trading another bounce.
If you’re looking to trade a downside break instead of a bounce, then you could also wait for the pair to show a convincing break below the 1.1200 handle.
Just make sure you’ve traded breakouts before or at least you’re managing your risk well!