Hello traders,
let’s hit the charts:
1. EUR/USD
EUR/USD has formed a descending narrowing channel which the buyers are currently testing.
The key resistance zone is something to watch out for this Tuesday. If we do get a breakout and confirmation, then we may join the buyers and ride the uptrend to the next possible resistance level (1.18014)
If the key resistance zone proves difficult to break and we do get reversal confirmations, then 1.16656 could be our next possible support level.
2. USD/JPY
The current ascending trendline on the USD/JPY may look fragile, but that does not mean we should be in a hurry to sell.
Price still has the key support zone to deal with. Only when price breaks the key support zone, do the bears have a higher chance of hitting the next possible support level (109.115)
What say you?
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