Currency cross playas huddle up!
Get ’em while they’re hot!
EUR/CAD is about to hit the 1.5075 zone!As you can see, the area is right under the 100 SMA and a trend line resistance that has been limiting the euro’s gains since the start of the month.
Trend warriors who think that the euro can lose some more pips against the Loonie can short as soon as EUR/CAD hits the 1.5075 levels or sees some bearish momentum.
Meanwhile, euro bulls can get a pip or two (or fifty) from EUR/CAD possibly extending its current upswing to test higher inflection points like 1.5100 before seeing bearish pressure.
What do you think? Which way will EUR/CAD go?
GBP/CHF got rejected at the big 1.3000 handle and now it looks like it’s also having trouble trading above 1.2900.Is the party over for the pound? A small bearish divergence on the daily time frame suggests it’s a possibility.
Pound bears can start taking them short trades around the current levels and then scale in until the (potential) downswing loses momentum or GBP/CHF hits inflection points like 1.2550.
A break above 1.3000, on the other hand, can attract more market bulls into pushing GBP/CHF all the way to the 1.3150 or even the 1.3400 previous areas of interest.