Hello Traders,
how has your trading week been?
Mine has been very slow, the market has been running around like a headless chicken, so I decided to take care of other things while waiting for things to calm down in the market.
So, I sighted some cool setups today and have decided to share
Let’s check it out…
1. EUR/USD
EUR/USD on the daily chart still has a bearish outlook, however, support level 1.12118 has proven difficult for the sellers to break, hence we have price form a head and shoulder pattern.
A breakout will most likely drive price further down to the next possible support level (1.11035) and a reversal could make price consolidate around the 1.12118 & 1.13467 level.
2. GBP/JPY
On the daily chart, we have got GBP/JPY within a descending channel, and personally my bias is still bearish.
On the 4 hours chart, we can see support level 133.944 holding its ground.
If the Bears end up breaking the present support level, price next bus stop would be 132.348. That said, let’s not be in a hurry to jump into conclusion by taking a sell.
We still have to wait for a confirmation before we pull the sell trigger.
What are your thoughts?
