Missing out on those big market moves lately?
Whether you’re into following trends or waiting for reversals, I’ve got a couple of euro setups worth keeping on your radar for today.
Check ’em while they’re fresh!
EUR/JPY: 4-hour
EUR/JPY 1-hour Forex ChartEUR/JPY 4-hour Forex Chart
Finally a correction on the yen pairs!
I’ve been keeping close tabs on this EUR/JPY uptrend for quite some time, and it looks like there might be an opportunity to buy the dip.
The pair is retreating back to the rising trend line that’s been holding for the past couple of months, and I’m seeing a confluence of inflection points.
In particular, the 61.8% Fib around the 138.50 minor psychological mark is closest to the trend line and 200 SMA dynamic support. A shallow pullback could already find buyers at the 50% Fib, which is also within the area of interest.
The moving averages are suggesting that the uptrend is more likely to resume than to reverse, but Stochastic is reflecting a bit of bearish pressure in play.
I’d probably hold out for the oscillator to pull up from the oversold region or for bullish candlesticks to form before going long!
EUR/NZD: 4-hour
Feeling bearish on the euro?
Here’s a potential downtrend setup for you!
EUR/NZD seems to be having trouble busting through the 1.6800 major psychological mark, with its latest attempts forming a double top pattern on the 4-hour chart.
The pair has yet to test the neckline at 1.6400, but a break below this support level could confirm that a major selloff is in the cards.
However, if support holds, another bounce to the 1.6800 resistance might follow.
Technical indicators are hinting that euro bears have the upper hand, as the moving averages are bracing for a bearish crossover while Stochastic is heading south.
A neckline breakdown could be followed by a downtrend that’s about the same height as the chart pattern or roughly 400 pips, so don’t miss it!
