Who’s ready to trade pullback opportunities?
We’re all about the euro today as we focus on EUR/GBP’s Fib retracement and EUR/CAD’s channel resistance.
What do you think of these setups?
Here’s a textbook trend for ya!
The euro has been losing pips against the pound since September but it looks like the bulls snuck in a pip or two (or 150) in the last few weeks.Think EUR/GBP will return to its downtrend? The bearish divergence on the 4-hour chart tells us that it’s possible.
Look out for momentum below the .8500 psychological handle, which could lead to a trip down to the .8450 mid-channel support or the .8375 November lows.
On the other hand, a clear break above the channel that we’re watching could lead to a reversal that would push EUR/GBP to the .8600 previous highs or the .8650 inflection point.
Better draft them trading plans if you want in on this trend (or breakout) action!
Just last week we identified a Double Bottom pattern on EUR/CAD’s chart.
I hope y’all took the trade because the pair is now about 200 pips higher than last week’s levels!EUR/CAD is now flirting with the 38.2% Fib retracement, which is a hair’s breadth away from the 1.4700 area of interest that’s also near the 50% Fib and the SMAs on the daily time frame.
If you see EUR/CAD poppin’ out bearish candlesticks, then you should be ready for a possible dip back down to November’s lows.
If EUR/CAD makes new highs, though, then you might want to plan for a potential move to the 1.4700 zone that we’re eyeing. Heck, the euro could even hit higher areas of interest near 1.4900 or 1.5000 if there’s enough momentum!