Who’s ready to make some pips?
Check them out, yo!
EUR/USD is chillin’ like a villain inside a symmetrical triangle.But wait! As EUR/USD has just seen a sustained upswing, our triangle could very well be a bullish pennant in the making.
A break above the triangle could take the euro back to its December highs or maybe even 120 pips above the trend line resistance.
If EUR/USD continues to trade below the 100 SMA, however, or if it ends up breaking below its triangle support, then the pair could drop back down to the 1.2050 previous support level.
Watch this one closely if you love trading them breakouts!
If you’re not a fan of the dollar, then you’re gonna love that CAD/CHF is sporting a legit trend play!As you can see, the Loonie just turned lower from a trend line resistance that has been holding since late November.
What makes the setup more interesting today is that Stochastic has also just left the overbought region.
Shorting at current levels would give you a good risk ratio especially if you’re aiming for the December lows near .6900.
If you’d rather buy the Loonie against the franc, though, then you’ll want to at least wait for a clear breakout above the trend line and then aim for the .7015 or .7050 previous areas of interest.