Chart Artwork: Quick Setups on EUR/USD & GBP/NZD

I’m seeing a possible countertrend play on EUR/USD, plus a double high sample on GBP/NZD.

Time to brief these pairs quickly? Which ranges do sellers have their eyes on?

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

Who’s up for a countertrend play?

Now this could possibly be a dangerous one, so ensure you set your stops proper!

EUR/USD is trending increased inside an ascending channel on the 4-hour chart, and worth is closing in on the resistance across the 1.1400 mark.

Sellers may be prepared to leap in proper there since Stochastic is already reflecting exhaustion amongst consumers. If the ceiling holds, the pair may slide again to the close by assist zones on the channel backside or mid-channel space of curiosity.

Simply be conscious that the 100 SMA is above the 200 SMA to point that the uptrend is extra more likely to resume than to reverse. Heck, this may even imply that there’s an opportunity the channel high may break!

GBP/NZD 4-hour Forex Chart
GBP/NZD 4-hour Foreign exchange Chart

Reversal alert!

GBP/NZD made a few failed makes an attempt to interrupt above the 1.7300 deal with, making a double top pattern on its 4-hour chart.

Pound bears are in all probability ready for a break beneath the neckline round 1.7100 to verify {that a} selloff is underway. Higher be prepared for a drop that’s the identical peak because the chart sample if that occurs!

Technical indicators are giving combined alerts, although. Stochastic is popping decrease once more to mirror promoting strain, however the 100 SMA is safely above the 200 SMA to trace that the uptrend may keep it up.

If consumers step up quickly, GBP/NZD may bounce proper again as much as the tops or increased. In any case, hold your eyes peeled for both reversal or breakout candlesticks on the neckline!

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