If you like trading common currencies then EUR about to get a treat!
Today we’re checking what’s up with EUR/USD’s downtrend and EUR/GBP’s reversal pattern.
Don’t even think of missing these 4-hour chart setups!
EUR/USD: 4-hoursupport zone, and a trend line resistance that has been solid since February.
Will EUR/USD extend its downtrend? Imma look for a clear rejection at 1.0300, which can drag Stochastic from its overbought levels and open EUR to a move back to its 1.0000 lows.
But if bulls keep pushing EUR higher, then you can consider entering the downtrend closer to the trend line resistance.
Don’t discount the possibility of an upside breakout though! If this week’s upswing manages to bust EUR/USD above the trend line that we’re watching, then we could see EUR pop up to the 1.0600 previous area of interest.
EUR/GBP saw its second bounce from .8350 so today we gotta look at the possibility of a reversal!The pair has formed a Double Bottom pattern on the 4-hour time frame with its “neckline” lining up with the .8400 psychological handle.
EUR hasn’t hit the neckline, though, so y’all can still make trading plans over EUR/GBP’s next moves.
Will EUR/GBP get rejected at .8400? Downside momentum below the level could drag EUR down to the .8350 previous lows or even the .8300 and .8250 inflection points.
Meanwhile, an upside breakout above .8400 could push EUR/GBP to a retest of the .8450 and .8500 previous areas of interest.
What do you think? Will EUR/GBP see new monthly lows in the next couple of days? Or will we see a lowkey reversal this week?