Range playas huddle up! EUR/CAD is having trouble breaking below 1.5250, which isn’t surprising since the area been serving as support AND resistance for the pair since early March.Can euro bears keep up the pressure? Take note that stochastic is already flashing an “oversold” signal on the 4-hour chart.
If EUR/CAD does bounce from the range support, then we might find the pair poppin’ up to the 1.5450 mid-range level or even the 1.5650 range resistance zones.
If the sustains its bearish momentum, however, then you’ll want to at least wait until EUR/CAD breaks below the 200 SMA before you start loading them short positions.
The 1.5125 and 1.4950 areas make for good price targets if you’re one of them euro bears.
Is trend trading more your speed? If it is, then here’s one for you!GBP/CHF is trading just below 1.2000, which is right smack at a 50% Fib retracement on the daily time frame.
If you’re not comfortable shorting at current levels (the pair hasn’t shown signs of reversing yet), then you can start building your positions and maybe add when price hits the 61.8% Fib closer to the SMAs and the channel resistance.
Not sure about further losses for GBP/CHF? If you believe that an upside breakout is in the works, then you can also wait until the pair breaks above the channel AND the 100 and 200 SMAs before you start aiming for areas of interest like 1.2750 and 1.3200.
Good luck and good trading, yo!