Can’t decide which pairs to trade today?
Who needs to choose between the majors and the crosses when you can trade both?
The euro has been making higher lows after hitting a floor at 1.1700 back in March.Thing is, its higher highs are just a teeny bit less steep than its higher lows. What’s more, it’s doing so just as EUR/USD has breached the key 1.2000 zone!
Are we looking at a rising wedge breakout in the making? If buyers aren’t as excited about making new April highs as they are about making new higher lows, then we could soon see the sellers take over.
Watch out for a break below the trend line support, which could drag the euro back down to the 100 or 200 SMAs.
But if EUR/USD ends up making new April highs, though, then y’all gotta be ready for retests of the 1.2170 and 1.2225 key inflection points.
Guppy sporting a possible Evening Star pattern on the 4-hour chart is interesting enough for some trend playas.But for the pair to do so near the 151.00 major psychological handle AND a descending channel resistance that’s been holding since late March? Sheesh.
Pound bears can short at the first signs of momentum below the last bearish candle and then aim for the 150.00 or 149.50 previous support levels for good risk ratios.
If you’re not comfortable selling the pound against the yen, then you can wait for a clear break above the channel resistance. 152.00 is a pretty solid level to watch but you can also shoot for the 153.00 highs seen at the start of the month.