Ready for another set of charts?
We’re lookin’ at hot euro setups today, yo!
EUR/USD is taking a breather after rising aggressively for most of July.
Will the consolidation lead to a reversal? EUR/USD is sporting a possible head and shoulders pattern on the 4-hour time frame, which could translate to a 200-pip move if the pair breaks below the 1.1720 “neckline” area.Shorting below the 1.1700 handle would make for a good trade if you’re one of them euro bears.
Think EUR/USD will bounce above July’s highs instead? You can also buy at current levels and use last week’s lows as support if you’d rather buy the common currency against the Greenback.
Whichever bias you end up trading, make sure to practice your best risk management moves when executing them trading plans!
Here’s one for the trend playas out there!EUR/GBP is bouncing from the .9000 major psychological handle, which isn’t far from the ascending channel support that hasn’t failed the bulls since early May.
Buying at current prices would yield the best reward-to-risk ratio if you think that EUR/GBP can sustain its uptrend in the next couple of trading sessions.
If you’d rather short the euro against the pound, however, then you can also short the pair as soon as it breaks below the channel and .9000 support.
What do you think? Which way will EUR/GBP go this week?