Good day traders,
It’s another beautiful Tuesday and the market is already making some key moves in order to give some great setups this week.
Without wasting much of our time, lets hit the charts.
1. EUR/CAD
On the daily chart of EUR/CAD, price has formed a beautiful expanding pennant.
Price is presently resting on an ascending key support level (1.51500) and in my opinion, the buyers are still looking exhausted. A breakout from this level should see price hit support level 1.49691 and a bullish reversal should send price to the next resistance level (1.54672)
I call this trade a 50/50 trade. One is never too sure if the bulls or bears would emerge as winner of the bout until one’s system gives the next direction.
2. EUR/NZD
EUR/NZD on the daily chart broke out from an expanding pennant on Friday.
Today we are seeing a pull back on price. Coincidentally, the pull back occurred on a minor support level (1.67848).
Personally, I expect price to breakout from the current support level and go on a bearish rampage to the next support level (1.65560)
That said, wishing you all a great day ahead.
