EUR/USD: 1-hour



While we’re still waiting for EUR/USD’s longer-term symmetrical triangle8 to play itself out, we can trade this simple break and retest situation. The pair looks like it’s about to bounce from the 1.0600 major psychological handle, which isn’t surprising since the level is also near a former range resistance, 100 SMA, AND a 61.8% Fibonacci retracement on the 1-hour time frame. Think the euro is about to gain more pips on the dollar? Buying at current levels is a good idea if you think that the common currency would go back to its monthly highs against the Greenback. But if you think that the euro will soon revisit its 1.0500 lows, then you might want to wait for the pair to break below the Fibs and SMAs before entering your short trades.

EUR/JPY: 1-hour



Here’s one for trend traders out there! Euro bears are having trouble dragging EUR/JPY below 122.00 major pyschological handle. Not surprising especially since it’s right smack at a 38.2% Fib retracement AND is around the 100 and 200 SMAs as well as a rising trend line support on the 1-hour time frame. What makes the setup even more interesting is that stochastic is chillin’ like a villain on the oversold territory. Time to bust out your trend-trading strategies, brothas! But before you trade a position, make sure you got your risk management practices locked down and you don’t choke your stops on yen crosses like these!