Who’s hungry for more pips?
Get ’em while they’re hot!
EUR/GBP bulls and bears are chillin’ like ice cream fillin’ just under the .8700 major psychological handle.What makes its current levels more interesting is that it lines up with a range resistance that has been limiting the bulls’ game since the start of the month.
With Stochastic flashing an overbought signal, you can bet that at least some bears are paying attention.
A downside momentum could drag the euro down to the .8670 mid-range levels or even the .8650 range support.
An upside breakout, on the other hand, could propel EUR/GBP to previous areas of interest like .8750 or .8800.
Where my trend-trading friends at?
EUR/AUD looks ready to bounce from the 1.5520 zone that’s right smack at a the 100 and 200 SMAs AND the ascending channel support on the chart.As if that’s not enough to get you started on a trading plan, check out the bullish divergence on the 4-hour time frame!
Buying at current levels would give you the best risk ratio if you’re planning on riding EUR/AUD’s uptrend.
If you’d rather short the euro against the Aussie, though, then you’ll want to at least wait for the pair to confidently trade below the SMAs and the channel support before aiming for previous inflection points like 1.5370 or 1.5300.
Good luck and good trading this one!