Welcome to mid-week trading, errbody!
EUR/CAD looks set to extend a short-term trend while GBP/USD is chillin’ near a range support.
Feel like trading these setups? Take a look!
EUR/CAD: 1-hour
EUR/CAD 1-hour Forex Chart
EUR/CAD has been making higher lows and higher highs since the first week of June when the pair found support at the 1.3400 psychological level.
EUR bulls have an opportunity to buy at cheaper prices today as EUR/CAD hangs out near the 1-hour trend line support. As you can see, the area also lines up with the 61.8% Fibonacci retracement of last week’s upswing.Stop losses placed just under the trend line could make for a good risk ratio especially if EUR/CAD pops back to the 1.3700 June highs.
If you’d rather trade the 100 SMA crossing below the 200 SMA and EUR/CAD possibly breaking below its support zone, then you gotta make sure that the pair is consistently trading below the trend line before you bet any breakout positions.
GBP/USD: 1-hour
GBP/USD 1-hour Forex Chart
If you’re looking for more range plays, then you gotta take a look at Cable!
GBP/USD is finding support from the 1.2180 area of interest that served as resistance in mid-June and held as support last week.With Stochastic juuust leaving oversold levels, you can bet that at least some GBP bulls are checking out the setup.
Buying at current levels could set you up for a 200-pip gain if GBP/USD revisits its 1.2300 range resistance levels.
Not feeling the love for GBP? You can also bet on a possible downside breakout, though you should wait for a sustained breakout and then bearish momentum before you target previous inflection points like 1.2125 or 1.2060.
