Not a fan of trading the dollar during the NFP release?
Don’t worry, I got yo back with not one but TWO euro crosses on today’s canvas.
EUR/JPY: 1-hourresistance from late September AND the 200 SMA on the 1-hour time frame.
The cherry on top of this sweet setup is Stochastic just leaving the oversold territory.
Are we looking at a resistance-turned-support situation over here? Buying at the first signs of bullish momentum would yield a good reward-to-risk ratio especially if the 200 SMA holds as support and EUR/JPY jumps back up to its double top highs.
A clear break below the 200 SMA, however, opens the euro to a drop back down to the 122.60 or 122.40 previous lows.
A couple of days ago we were looking at EUR/AUD’s daily range for a potential move lower.Well, I hope you took notes and traded the setup! EUR/AUD is now trading at 1.6375, which is just above the 1.6350 mid-range zone.
You can still buy at current prices if you believe that EUR/AUD has bounced from the mid-range support and is one it’s way back to the 1.6550 range resistance.
Still not a fan of the euro? You can also wait for a breakout below the mid-range support or the SMAs before you aim for previous areas of interest like 1.6125.