Feel like rooting for anti-euro trades?
You don’t need to stare directly at the sun or even mirrors, you just need to pay attention to EUR/JPY and EUR/AUD’s charts!
Check out EUR/JPY’s downtrend and EUR/AUD’s range opportunity:
EUR/JPY has seen a 500-pip downswing since late November but it looks like there were enough bulls at the 140.00 mark to prevent further losses.
Can EUR/JPY maintain its bullish momentum? Or are we just seeing a pullback from a months-long downtrend?
The odds currently favor EUR bears as EUR/JPY nears the 144.00 psychological handle and the top of an unbroken descending channel.
It also doesn’t help EUR bulls that the 100 and 200 SMAs are hovering just above current prices or that EUR/JPY prices are forming a bearish divergence with Stochastic on the 4-hour time frame.
Look out for a rejection at 144.00, which could drag EUR/JPY to the 143.00 or 141.00 previous inflection points.
If you see EUR/JPY breaking above the established channel, though, then the pair might be open to a jump all the way to the 145.00 mark near the 200 SMA or the 146.00 previous resistance level.
EUR/AUD 4-Hour Forex Chart
Here’s one for the range playas in da haus!
EUR/AUD looks ready to bounce lower from the 1.5650 range resistance that’s been solid since mid-October.
This time around, Stochastic is providing further support as it signals the pair’s “overbought” conditions on the 4-hour time frame.
EUR bears can take advantage of the rejection at the range resistance and aim for the 1.5475 mid-range or even the 1.5300 range support levels.
Just make sure that you’re leaving enough room for EUR/AUD’s average volatility, aight?
Currency crosses like this tend to be more volatile than major USD pairs so y’all better be ready with wide stops and tight trading plans!
