Feel like trading the euro but can’t decide whether you want to trade a major EUR pair or a currency cross?
Don’t worry, I gotchu!
EUR/USD is sitting on a range resistance while EUR/AUD looks set to extend a trend:
First up is a simple range setup on EUR/USD.
See, the pair just bounced from the 1.0540 zone that held as support at least twice since late February and was a key buy zone back in December.EUR/USD is almost at the 1.0620 mid-range levels but y’all still have room to jump in if you think that the pair will eventually revisit its 1.0700 range resistance area.
Not convinced that EUR/USD will have enough buyers for a range resistance retest?
You can also wait for a trip to the mid-range or range resistance levels before targeting the 1.0520 lows.
You can even wait for a couple of red candlesticks to confirm a selling momentum if you’re not sure about EUR/USD revisiting its previous support area!
If you’re up for a trend trade, then you shouldn’t miss EUR/AUD bouncing from a trend line support that’s been around since mid-February.This time around, the bounce coincided with buying pressure near a 61.8% Fibonacci pullback AND the 4-hour chart’s 100 SMA.
Can EUR/AUD sustain its uptrend this week?
Buying at current levels would yield a good risk ratio especially if EUR/AUD revisits its March highs just under the 1.6200 psychological level or makes new monthly highs.
But if this week’s downswing inspires a downside breakout of the trend line and 100 SMA support, then we could see EUR/AUD trade closer to the 1.5800 or 1.5750 previous areas of interest.