Chart Artwork: Help and Resistance Ranges on EUR/JPY and EUR/AUD

Not feelin’ like buying and selling the greenback right now? Let’s try some euro trades!

EUR/JPY is consolidating after an prolonged downtrend whereas EUR/AUD simply hit a significant inflection level.

Assume these euro pairs are about to see attention-grabbing strikes within the subsequent buying and selling classes? Verify them out!

EUR/JPY 1-Hour Forex Chart
EUR/JPY 1-Hour Foreign exchange Chart

EUR/JPY has been buying and selling in a downtrend since sporting a shifting common crossover in late October.

The bears have misplaced momentum, although, and now EUR/JPY is consolidating inside a descending triangle sample on the 1-hour time-frame.

A break under the 128.75 triangle help would imply that the bears simply took a breather.

The 127.00 mark is the closest help zone however you by no means know with draw back breakout momentum, ya know?

If the bulls acquire sufficient pals to drive an upside breakout above the triangle, then that it’s already buying and selling above the 100 and 200 SMAs and {that a} leap again to the 129.50 and even the large 130.00 earlier resistance zones might comply with.

EUR/AUD 4-hour Forex Chart
EUR/AUD 4-hour Foreign exchange Chart

EUR/AUD had a FANTASTIC November, rising greater than 600 pips after falling by nearly 900 pips between late September and late October.

However have the bulls run out of steam? EUR/AUD’s greater highs aren’t supported by the oscillator exhibiting decrease highs on the 4-hour time-frame. That’s proper, we’ve acquired a divergence on the chart!

If the bearish divergence shouldn’t be sufficient to achieve your consideration, then you must know that it confirmed up simply as EUR/AUD hit the 1.5950 zone that had supported EUR/AUD from July to September.

Euro bears who suppose that EUR/AUD’s bullish run is over can begin scaling in at present ranges or on the first indicators of bearish candlesticks.

In the meantime, bulls who’re assured that EUR/AUD can attain earlier resistance ranges like 1.6000 or 1.6200 should buy as quickly because the euro makes new weekly highs.

What do you suppose? Is that this setup one thing you wish to commerce?

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