Whattup, forex warriors!
I know you like trading them European currency crosses so today we’re lookin’ at not one, but TWO pullback opportunities.
EUR/JPY hit a ceiling at 126.65 after rising sharply since the start of the month.If the bearish momentum continues in the next few hours, then you’ll want to take a look at the 124.75 area as a potential entry point.
As you can see, 124.75 lines up with a 50% Fib retracement AND a previous resistance from back in November.
If you’re one them who believe that the euro isn’t done gaining on the yen, then you can start buying the common currency as soon as it hits the Fib retracement zones.
If you’d rather short EUR/JPY, though, then you can take advantage of the bearish candlesticks and sell the euro until the bulls start coming back or, once EUR/JPY drops below its trend line support.
Good luck and good trading, yo!
After getting knocked down at 1.2180, GBP/CHF is now flirting at the 1.1980 levels. What’s more, it’s poppin’ up wicks that we can’t ignore!Pound bulls who are liking the pound’s trend line and 200 SMA support AND the bullish divergence on the 4-hour chart can buy at current levels and make a play for a trip to GBP/CHF’s previous highs.
GBP/CHF bears, on the other hand, can wait for a clear break below the trend line and then aim for previous support levels near 1.1800.
What do you think? Which way will GBP/CHF go?