Welcome to mid-week trading, forex warriors!
Have you bagged tons of pips yet? Me, I just want you to find 11,780 pips (and more!) this year.
EUR/GBP is consolidating in a tight range just above .9000, which is interesting because the pair is only a few pips away from the top of a descending channel on the 1-hour time frame.Think the euro is about to extend its downtrend against the pound?
Meanwhile, euro bulls and pound bears can watch out for a clear break above the trend line resistance, which could lead to retests of the .9100 or .9150 previous inflection points.
AUD/USD looks ready to bust through the .7750 handle that had served as a key support and resistance level from 2017 through 2018.If you think that this is a legit breakout, then you can start looking at a potential trip to the .8000 major psychological handle or even the .8100 previous resistance level.
Not convinced that the Aussie can gain more pips against the dollar in the next few weeks? You can wait for hesitation or reversal candlesticks and then put up some Fibs in case AUD/USD doesn’t close its current candle above the .7750 area.
Whichever bias you end up trading, make sure to make detailed trading plans so you don’t get blindsided by unusual price moves!