Good day traders,
We have finally gotten to the last day of the trading week. I call Friday’s tricky, simply because you cannot depend on any setup, no matter how great it may look.
Even when you manage to make wee profits from good setups, the odds may quickly turn against you, so be mindful of trading these days.
1. EUR/CAD
EUR/CAD has an interesting setup, there are so many ways to express this setup, however we choose to break it down to:
- An ascending channel
- Descending channel and
- A horizontal channel connecting the initial two patterns
Price is currently on a bearish reversal, and the current 6pm candlestick has broken through a key support level of the horizontal channel.
There is a high probability that the bearish breakout could hit the next support level (1.47741).
2. GBP/USD
After a long bearish run on the GBP/USD, the bears may be looking for an opportunity to cool off at the next support level (1.27995).
Personally if I were to take this trade, I will narrow this setup down to a 4 hours chart and see if I could decipher a slight reversal or pull-back.
Let’s not also forget that there is also a slight probability that a bearish breakout may occur on the present support level.
I hope our analysis is helping out on your trading decisions?
Kindly comment and share.
Wishing you a beautiful weekend
