If you’re planning to stay away from the dollar today, then you’re in luck!
Read up, yo!
EUR/GBP is back at the .8900 major psychological level after finding resistance at the .8930 area.The bulls ain’t giving up, though, as they’re currently defending the .8900 handle that happens to be near the broken channel resistance and the 100 SMA on the 1-hour time frame.
Buying at current levels is a good idea if you’re betting on the euro finding support at the 100 SMA and then eventually making new September highs.
If you think that EUR/GBP will soon go back to its downtrend, however, then you can also wait until the pair comfortably trades below the SMAs and inside the descending channel again before you aim for previous lows near .8870.
What do you think? Will EUR/GBP return to its downtrend? Or is the euro due for a sustained upswing against the pound?
What’s better than a long-legged doji on a daily time frame? One that popped up near a key area of interest!As you can see, AUD/NZD’s doji lines up with a 50% Fib retracement level, a trend line support, and a previous resistance area. All that while Stochastic is about to hit oversold levels!
Buying at the first signs of bullish pressure will give you the best reward-to-risk ratio if you’re one of them Aussie bulls who believe that AUD/NZD will see new 2020 highs in the next couple of weeks.
Not convinced that the Aussie can gain more pips against the Kiwi? That’s aight, you can also make a play for a breakout below the trend line. Just take note of the potential support near the 100 SMAs when calculating them risk ratios!