Will we see breakouts today? Or is it too close to call?
Check them out, yo!
EUR/GBP got rejected at the .9020 area, which is right smack at a channel resistance that hasn’t been broken since late October. Not only that, but the resistance is also around the 200 SMA on the 1-hour time frame!With Stochastic near the overbought region, you can bet pips that the bears are already watching. Shorting at the first signs of bearish candlesticks is a good idea if you’re betting on EUR/GBP extending its downtrend in the next few days.
If you’re confident that we’ll see a breakout, though, then you’ll want to at least wait for a clear break above the 200 SMA before you start placing them long orders.
Whichever bias you choose to trade, make sure to follow your trading plan and that you manage your risk like there’s no tomorrow!
Holla if you’re trading the dollah!
USD/CHF is bouncing inside a 150-pip range and it looks like it’s about 100 pips from its support after encountering resistance at the .9200 major psychological handle.Range playas can wait for a retest of either the support or resistance for trades with the best reward-to-risk ratios.
If you’re confident in the dollar’s current downswing, though, then you can also place small bets until USD/CHF finds some bullish pressure on the lower time frames.
Think we’ll see an upside breakout instead? Watch out for the 100 SMA, which has been holding as resistance since December 2019. That’s around the time we were hooked on them Baby Yoda episodes!