Think you can sneak in your last pips for the week from these setups?
Check them out!
EUR/USD is about 40 pips away from the 1.1900 psychological level that has been serving as support since late July.Think the bears will defend the level for another day? Shorting at current prices would still yield a good reward-to-risk ratio if EUR/USD drops back down to the 1.1750 range support. Stochastic’s overbought signal doesn’t hurt either, namsayin’?
If you’re looking to go long on the euro against the dollar, then you’ll want to at least wait for a clear break above the 1.1900 before aiming for previous highs near 1.1960 or the big 1.2000.
What do you think? Can EUR/USD bulls and bears hold the 150-pip range until the next trading sessions?
Is dollar trading not your style? Take a look at the range action going on in AUD/CAD’s 4-hour time frame!
As you can see, the pair is consolidating in a 200-pip range after rising by bajillions of pips in the second half of July.Like in EUR/USD, the Aussie is also about 40 pips away from its range resistance. The risk ratios are a bit more attractive, though, as the range support sits 200 pips away from the resistance.
Aussie bears can short at current levels and target the .9450 range support or even the .9550 mid-range levels closer to the 200 SMA.
The bulls, on the other hand, can wait for a break above the .9650 resistance for signs that AUD/CAD will extend its uptrend that started way back in late May.
Watch this one closely, errbody!