Let me know which setup works better for you!
EUR/USD just turned lower from the 1.1850 psychological handle that lined up with not just the 200 SMA but also the channel resistance that hasn’t been broken since late June.
Can the euro bears extend EUR/USD’s downtrend?
Feel like buying the euro against the dollar instead? You can buy the common currency as soon as it breaks above the dynamic resistance points that we’re watching.
Whichever bias you end up trading, make sure to practice your best risk management moves so you don’t lose your hard-earned moolah!
Back in mid-June, we talked about GBP/CHF hanging out at an established range resistance.
I hope you took them short trades because the bears pounced on the pound like there’s no tomorrow!
GBP/CHF is now trading juuuust below the 1.2630 range support on the 4-hour time frame. And, with Stochastic chillin’ in the oversold territory, you can bet that at least some bulls are eyeing a range play.
Buying at the first signs of bullish momentum is a good idea especially if GBP/CHF jumps back inside its months-long range. You can target the 1.2700 mid-range levels but you can also aim for the 1.2800 resistance if you see the pound gaining traction.
Of course, it’s also possible that the bears have won the tug-o-pips and GBP/CHF is headed lower. Watch out for new July lows, which could drag the pound back to the 1.2350 – 1.2400 previous area of interest.