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Tight ranges who?

If you’re looking for setups to trade on the last Friday of the month, then you’ll want to see what’s happening on USD/CAD and EUR/GBP‘s 1-hour charts!

Which one will you most likely trade this week?

EUR/GBP: 1-hour

EUR/GBP 1-Hour Forex Chart
EUR/GBP 1-Hour Forex Chart

EUR/GBP just bounced higher after finding support at the 200 SMA.

Can the pair extend its uptrend? Or will the end of the month also mark the end of a trend?

The .9060 – .9070 zone is still holding as resistance. You can use it as a profit target if you’re only aiming for a couple of pips before the week ends, or you can use a break above the area as an entry criterion to trade an extended uptrend.

If you’d rather short the euro against the pound, then you should at least wait for a break below the 200 SMA and channel support before making plays for the .8900 – .8950 previous areas of interest.

USD/CAD: 1-hour

USD/CAD 1-Hour Forex Chart
USD/CAD 1-Hour Forex Chart

USD/CAD is stuck in a 140-pip range after falling by a bajillion pips a few weeks ago.

What makes the pair interesting today is that it’s having trouble making highs above the range resistance.

Are we looking at an easy range play? Shorting at current levels would yield boss level reward-to-risk ratios especially if USD/CAD drops back down to the 1.3510 support.

But what if the bulls are just prepping for an upside breakout? A clear break above the 1.3650 psychological mark can lead to a retest of the 1.3725 and 1.3800 previous support and resistance levels.

Good luck and good trading this one!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line