Sup, dawg! If you’re a trend playa, then you may wanna check out today’s intraday charts update ‘coz I’m serving up a euro + channels double special.
EUR/CAD has been moving ever lower while respecting that there descending channel for the most part.
And presently, the pair is on its way up to test the channel’s resistance, which should be at or just below the area of interest at 1.5080. Y’all may therefore wanna get ready to start lookin’ for opportunities to go short on the pair.
However, stochastic will soon be entering overbought territory. Moreover, there’s an area of interest at 1.5030, which happens to be the mid-channel area.
There’s therefore a chance that the pair may find resistance at 1.5030 and then move lower. Waiting for the pair to test the channel’s resistance is the safer play, though, so only start lookin’ for opportunities to go short at 1.5030 if you’re gangsta enough.
Ans while a topside channel breakout scenario seems very unlikely at present, just keep in mind that there risk is always there. The pair would need to clear 1.5180 on strong bullish momentum in order to validate a topside channel breakout, though.
If you’re more bullish on the euro, then heads up ‘coz there’s an ascending channel on EUR/GBP’s 1-hour chart.
And as y’all can see in that there chart, the pair appears to be bouncing higher after testing the channel’s support at 0.8910.
Y’all may therefore wanna decide quickly if it’s still worth it start lookin’ for opportunities to go long on the pair.
At any rate, just be reminded that there’s always a small chance that a downside channel breakout may occur. And in the event of such an unlikely scenario, the pair would need to move lower past 0.8820 in order to validate the downside breakout move. However, a move lower past 0.8870 can be deemed as an early sign that bears are taking over.
Anyhow, y’all just remember to always practice proper risk management, a’ight?