Who’s ready to make some last-minute pips? If you are, then you’ll definitely want to see these potential support levels on EUR/AUD and EUR/JPY. Check it!
EUR/JPY is chillin’ like ice cream fillin’ around the 117.75 handle, which lines up with a support that hasn’t been broken all month.
Will the range support hold for another day? Stochastic is flashing an oversold signal, so y’all might want to get ready for a potential bounce. After all, buying at the earliest signs of bullish pressure would give you a good reward-to-risk ratio especially if EUR/JPY jumps to the 119.50 range support.
Don’t feel like selling the yen? You could also wait until the pair makes new monthly lows and shows a clear break below the range before you execute them breakout plays.
Just make sure to use wide stops, aight? Yen crosses like these could see spikes and stop you out if you’re not careful!
It’s go time, folks! If you’ve been watching EUR/AUD since the start of the month when we first talked about the potential support, then you’ll know that the pair has finally hit its 50.0% Fib retracement.What makes the level more interesting is that it also lines up with a long-term broken resistance. Question is, will the bulls engage at the level? Or are they willing to see deeper retracements before they step in?
Stochastic hasn’t hit the oversold zone and there’s no bullish momentum just yet, so you can afford to wait a couple more candlesticks before you play a retracement trade.