Euro traders huddle up!
Whether you like trading short or long-term setups, I got yo back with today’s setups.
EUR/GBP is confined in what looks like an ascending triangle on the 1-hour time frame!
If that’s not exciting enough for ya, you should also know that the triangle also popped up when it’s looking like the 100 SMA is about ready to cross above the 1-hour 200 SMA.
Are we looking at a reversal in the making? A clear break above the .8850 and 200 SMA resistance could push the pair all the way to areas of interest near .8900 and .9000.
If EUR/GBP breaks below the triangle, however, then we could be looking at a drop back down to .8750 or .8700’s levels.
I spy with my eye a potential support level for EUR/CAD!
The pair is about to hit 1.5150, which is right smack at a 50% Fibonacci retracement on the daily time frame.
In addition to that, 1.5150 also lines up with a resistance level from late 2018 and early 2019. Miley was just getting married to Liam back then!
A bounce from 1.5150 could take EUR/CAD back to its 1.5400 or 1.5900 previous resistance levels.
Not convinced that the euro will gain against the Loonie? You can also wait for a break below the 50% Fib and start building your positions all the way to the SMAs or the 1.4800 areas of interest.