Who’s ready to start hunting pips?
I hope you are because EUR/USD and CAD/JPY are showing us legit trend and reversal opportunities.
Get ’em while they’re hot, forex homies!
Yoooo is EUR/USD ready for a short-term reversal?The euro is trading pretty consistently above the 200 SMA. That hasn’t happened since the last moving average crossover on the 1-hour time frame!
Look out for a bit more buying, which could boost EUR/USD all the way to the 1.1380 or 1.1470 previous areas of interest.
If you see EUR/USD start to dip back below the 200 SMA, though, then you gotta be ready for a possible move back to the 1.1200 November lows.
Not a fan of dollar trading? I gotchu!CAD/JPY has dropped sharply in the last few days, enough to chill around the 50% Fibonacci retracement.
Have the bears peaked at the 50% Fib? The 100 AND 200 SMAs are around the current levels and could attract some Loonie bulls.
A bounce from the Fibs can push CAD/JPY back to its highs near the 91.50 levels.
But what if CAD/JPY extends its losses? Continued selling can drag the Loonie to the ascending channel support so I hope y’all are prepared for the scenario if that happens!