Can you believe we’re near the middle of the month?
If you haven’t bagged major pips yet, then you’ll want to see what’s cookin’ on EUR/USD and Adobe Inc. (ADBE)’s ranges and the Dollar Index’s resistance zone.
Don’t even think of missing them!
EUR/USD is settling in wide ranges after falling sharply from June to July!This time around, the pair is stuck in a 200-pip range between the .9900 support and 1.0100 resistance.
More importantly, EUR/USD is testing the resistance that’s also near the 4-hour chart’s 200 SMA.
Will the resistance hold for another day? A short trade at current levels would yield a good risk ratio if EUR/USD drops to .9900 again.
A clear break above the range, on the other hand, would mean potential moves to the 1.0190 and 1.0280 previous areas of interest.
Adobe Inc. (ADBE): Daily
If you’re into ranges but staying away from fiat currencies, then this one is for you!
Adobe Inc. (ADBE) just bounced from the $370 support that hasn’t been broken since May 2022.
The stock is about to hit mid-range levels near the 100 SMA so y’all should watch for the first signs of resistance.
Then again, Stochastic has juuust left oversold territory so there might still be room for more buying before enough sellers step in.
ADBE buyers might want to wait until the stock clears the $407 mid-range levels before targeting the $450 range resistance zone.
Sellers, on the other hand, can wait for enough momentum around the mid-range and range resistance levels that we’ve marked.
U.S. Dollar Index (DXY): Daily
Who else is watching the U.S. dollar index (DXY) having trouble making new highs above 111.00?Head and Shoulders pattern on the daily time frame just as Stochastic leaves its overbought levels.
Which way will DXY go?
Watch how it reacts to the 108.50 support. A break of the support opens the index to a move towards the 107.25 area of interest or a trend line support on the chart.
A bounce from its current levels, on the other hand, could lead to DXY retesting its September highs or even new 2022 highs.