We’re all in regards to the greenback as we speak, foreign exchange brothas!
EUR/USD is hitting a channel resistance whereas USD/JPY is popping decrease simply because it reached a spread ceiling.
What do you consider these setups?
Do you know that EUR/USD has been on a downtrend because the begin of the month?
Bears have one other probability as we speak as a result of the euro has is hanging across the 1.1725 ranges close to a channel resistance retest AND the 100 SMA on the 1-hour chart.
You may promote on the earliest indicators of promoting momentum however you gotta be versatile in your biases as a result of EUR/USD can simply prolong the lowkey range-y value motion that’s been occurring since final week.
Assume we’ll see EUR/USD reverse to the upside as an alternative?
Be careful for a agency shut after which some chillin’ above the 200 SMA, which might bump up the euro to the 1.1760 or 1.1800 earlier resistance ranges.
Who’s up for some range trading?
Greenback bears look decided to defend the 110.50 psychological degree as a result of USD/JPY simply turned decrease for the nth time since mid-July.
Is it time to promote USD/JPY?
Stochastic is on the bears’ aspect with its overbought sign so that you’ll wish to at the least take into consideration shorting the greenback till it hits potential purchase zones close to 110.00 – 110.25.
However what if USD/JPY lastly breaks above its months-long vary?
Look out for a transparent break above September’s highs as a result of it might result in a visit again to the 111.00 or 111.60 earlier highs!