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Whattup, forex playas!

Whether you like trading the majors or you prefer them currency crosses, I got setups that might make you pips.

What do you think of EUR/GBP‘s SMA resistance and USD/JPY‘s Fib bounce?

EUR/GBP: 1-hour

EUR/GBP 1-hour Forex Chart
EUR/GBP 1-hour Forex Chart

Is it me, or is EUR/GBP having trouble making new highs above the .8780 mark?

As you can see, the level lines up with not only a broken trend line support but also the 100 SMA on the 1-hour time frame.

Will EUR/GBP extend its low key downtrend this week? Shorting at current levels would give you the best risk ratio especially if you’re eyeing February’s lows near .8740.

If you think that the higher lows on the 1-hour chart means that the bulls are getting ready for a rally, though, then you can also place orders above the trend line and 200 SMA marks to catch any upside breakout.

Good luck and good trading this one!

USD/JPY: Daily

USD/JPY Daily Forex Chart
USD/JPY Daily Forex Chart

Retracement alert!

Dollar bears managed to hold the 38.2% Fib retracement level that lines up with the 200 SMA on the daily.

I know that the dollar has fallen by at least 75 pips since the bounce, but trend warriors can still make a pip or two (or a hundred) if they short at current prices and then bail at January’s lows.

Meanwhile, dollar bulls gotta step on the sidelines for now, at least until the current bearish momentum loses steam and USD/JPY starts retesting (and breaking?) the 200 SMA.

If we do see an upside breakout, then look out for retests of the 106.25, 107.00, and 109.50 key inflection points.