Looking for setups to trade today?
I hope you like trading the euro because I gotchu short and long-term setups that might make you pips in the next few trading sessions!
Check out what’s going on in EUR/USD and EUR/GBP’s charts:
EUR/USD is trading in what looks like a falling wedge pattern after sliding low and slow in September.Will the consolidation result in a longer downtrend for the euro? Or will we finally see a reversal? Keep in mind that wedges are consolidation patterns, which means that breakouts can happen in either direction.
An upside breakout would mean that EUR/USD has broken above a trend line resistance as well as the 100 and 200 SMA on the 1-hour time frame.
Given that the base of the falling wedge is about 140 pips, we could be looking at a move to 1.1700 if EUR/USD breaks higher.
If EUR/USD ends up extending its downtrend, however, then you’ll want to at least aim for the 1.1530 lows if not new 2021 lows depending on the bearish momentum.
Here’s one for the range-trading forex geeks out there!EUR/GBP is poppin’ up consolidation candlesticks near .8500, which isn’t surprising since the psychological level has supported the euro at least twice since April.
Now that Stochastic is in oversold territory, you can bet that at least some bulls are watching.
Look out for the first bullish candlestick pattern, which could lead to a bounce to .8570 mid-range or .8650 range resistance levels.
If EUR/GBP makes new monthly lows, though, then you can look at the .8450 or .8300 previous inflection points for potential profit targets.