Whattup, forex friends!
Get ’em while they’re hot!
EUR/GBP is chillin’ like a villain just under the .8600 psychological level that has been supporting the euro since mid-May.
The bears have more to be worried about this time around because Stochastic is also giving us its “oversold” signal.
Will EUR/GBP stay inside the range this week? Euro bulls can buy at current levels and place stops just under the June lows for a boss-level risk ratio.
Not a fan of the common currency? If you’re betting on a downside breakout in the next trading sessions, then you’ll want to place your orders below June’s lows and then aim for a 50-ish pip move lower depending on the downswing’s momentum.
I don’t know if you’ve noticed, but EUR/JPY has been on a slow and steady uptrend since late October.
If you’re worried that you’ve missed the bus, then you’re gonna love that the pair looks ready to retest the 132.50 zone. That’s about where the 38.2% and 50% Fib levels are on the daily! Not only that, but the area is also near the trend line support that hasn’t been broken since last year.
EUR/JPY is still poppin’ up red candles with long wicks at the top so I would think twice about buying this pair anytime soon.
Watch out for the retracement areas that we’ve marked, though, because I’m sure I’m not the only one watching this long-term uptrend!