Good day traders,
The first opportunistic Wednesday for the month of December is upon us, lets see if we could mark and utilize these setups.
Grab your guns, your arrows and let’s hit the forex jungle.
1. EUR/USD
On the 4 hours chart, EUR/USD is locked within an ascending channel and price is currently resting on a key support level (13351).
A breakout from the present support level should take price to the next support level (1.12671). If the present support level is able to bounce price, we should see price revisit the daily resistance level (1.14047).
2. USD/JPY
On the daily chart USD/JPY took a huge hit from the Japanese Yen today.
Price is presently touching a key support level (112.655). I can’t say for sure if this support level will be broken anytime soon by the seemingly aggressive bears. However if the present support level is broken, we should see price hit its next support level (111.772)
On the other hand, if the present support level is strong enough to bounce off price, we should most likely see price revisit resistance level 113.881.
I hope our analysis assists you in picking a viable trade for Wednesday.
Do have a great day ahead.
