Holla if you’re looking to trade the dollah!
Today I’m looking at a mid-channel support on EUR/USD and a potential range bounce on USD/CAD.
What do you think of these charts?
EUR/USD: 1-hour
EUR/USD is poppin’ up wicks around the 1.1325 level, which lines up with a mid-channel support on the 1-hour time frame.
Is the euro done retracing? Or are bears just getting started?Trend playas who would like a better entry can wait for a retest of the ascending channel support closer to the 100 and 200 SMAs though small positions at current levels won’t hurt if you’re confident that EUR/USD will hit new July highs anyway.
Of course, you can also short the euro for a quick countertrend trade if you’d rather sell the euro against the dollar and you believe that there’s a good risk ratio in shorting until EUR/USD sees a stronger support level.
USD/CAD: 1-hour
Support alert!
USD/CAD can’t seem to trade lower than the 1.3500 major psychological handle, which isn’t surprising since it lines up with a range support that hasn’t been broken since mid-June.
Can dollar bulls pull off another bounce? Buying at the first signs of bullish pressure would give you a good reward-to-risk ratio especially if USD/CAD jumps back up to its 1.3680 range resistance.If you’re one of them dollar bears, however, then you can also wait for a clear break below the 1.3500 support and then target areas of interest like 1.3460 or 1.3380.
Watch this one closely, yo!
Forex Chart Settings:
Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line