Who’s up for some dollar trading?
If you are, then you won’t want to miss EUR/USD and GBP/USD sporting trend pullback opportunities!
Check out EUR/USD’s 4-hour and GBP/USD’s daily time frame to see the levels I’m talking about:
EUR/USD: 4-hour
EUR/USD 4-hour Forex Chart
EUR/USD has been making higher highs and higher lows since late September and now the pair is back at .9900 psychological handle after getting rejected at 1.0100.
Can EUR/USD extend its weeks-long uptrend?EUR bulls currently have the technical support. For one thing, .9900 lines up with the 61.8% Fibonacci retracement of October’s upswing.
Meanwhile, the 100 SMA crossing above the 200 SMA is telling us that the bullish momentum is lowkey overtaking a longer-term bearish run.
Buying at current levels would yield the best risk ratio especially if EUR/USD jumps back up to the 1.0100 previous highs.
Watch this one closely, forex friends!
GBP/USD: Daily
GBP/USD Daily Forex Chart
If you’d rather buy the dollar, then you’re gonna love that Cable is knocking on a key resistance zone.
GBP/USD is back at the 1.1500 psychological level that’s just below the daily chart’s 100 SMA AND a trend line resistance that hasn’t been broken since Mary this year!Shorting at current prices and placing stops just above the 100 SMA could work if GBP/USD extends its downtrend.
But if enough GBP bulls or USD bears show up, then GBP/USD bears could think like Taylor Swift and say “It must be exhausting always rooting for one point one five zero zero (1.1500).”
Okay Tay-Tay probably wasn’t thinking about the dollar when she wrote Anti-Hero but you get what I mean.
Enough GBP/USD buying could send the pair firmly above the trend line and 100 SMA. If could even revisit its 1.2000 major area of interest!
