If you like riding trends, then you may wanna check out today’s intraday charts update ‘coz I’m serving up a euro + comdolls + channels triple special, with EUR/CAD and EUR/AUD on the menu.
EUR/CAD has moving ever higher while apparently bouncing up and down inside that there ascending channel on its 1-hour chart.
And presently, the pair is making its way down towards the channel’s support, which should be somewhere just below the area of interest at 1.5350. Y’all may therefore wanna get ready to start lookin’ for opportunities to go long on the pair.
As always, there’s always a chance that a the pair may break to the downside instead, so do be careful.
A move lower past the area of interest at 1.5280 would be an early sign to start bailing yo longs. However, the downside channel breakout would only be confirmed if the pair also also smashes lower past 1.5210 as well.
A fresh ascending channel has also recently formed on EUR/AUD’s 1-hour chart.
The pair is already bouncing higher, though, so y’all may wanna put this pair on yo watchlist and wait it out until the pair retests the channel’s support area.
Do note, however, that stochastic is already signaling overbought conditions and all that. The pair, meanwhile, appears to be encountering sellers at the mid-channel area.
There’s therefore a higher-than-average chance for a downside channel breakout at the moment. And y’all may wanna prepare for such a scenario in advance, especially if the pair breaks lower past 1.5660 on strong bearish momentum.
In any case, just make sure y’all practice proper risk management as always, a’ight? Peace out!