Ready to catch them last-minute pips?
Which setup will you most likely trade?
Pattern alert! EUR/JPY is forming what looks like a bearish pennant on the 1-hour time frame.If that’s not interesting enough for ya, then you should also note that the euro is lollygagging around the 123.25 zone, which lines up with key support and resistance area for the pair.
Can the bulls defend the level today? I’m not seeing any downside momentum just yet, so you might want to wait and see which direction EUR/JPY breaks to before you enter any orders.
If you absolutely feel it in your trading guts that the euro will break the support and extend its losses against the yen, then you can wait for a downside break of the pennant and then aim for areas of interest near 122.90 or 122.60.
Good luck and good trading!
Here’s an opportunity that popped up AFTER the euro has broken a key support level.
As you can see, EUR/CHF has seen a sharp downswing after breaking below the 1.0730 levels. Heck, it even dropped to the big 1.0700 before seeing some bullish pressure!EUR/CHF is now back at 1.0730 and this time the area lines up with the 1-hour 100 SMA and the 38.2% Fib retracement of the recent downswing.
Confident that the euro will revisit its September prices against the franc? Wait and see how EUR/CHF reacts to the 38.2% Fib.
If the bulls manage to push the currency pair above the level, then the euro could revisit the 1.0750, 1.0765, and 1.0800 previous areas of interest.