Ready for Friday trading?
If you’re looking for swing and long-term trades, then you’re gonna love that EUR/USD and USD/CAD are sitting on verrry important chart levels right now.
Get ‘em while they’re hot!
USD/CAD: 4-hour
It has been a busy week for USD/CAD, which reached just shy of the 1.2900 psychological handle before trading much lower.
The pair is now at 1.2675, which lines up with the 100 and 200 SMAs on the 4-hour time frame as well as a trend line support that’s been solid since mid-June.
Will the dollar extend its gains against the Loonie? Look out for momentum above the SMAs, which could push USD/CAD back to this week’s highs.
Of course, it’s always good to consider the opposite trade. In this case, a clear breakout below the trend line support and the SMAs could drag the dollar all the way to the 1.2500 major area of interest.
EUR/USD: Daily
Bruh, EUR/USD is back at its 1.1700 major range support!
Back in mid-August, we clocked in EUR/USD possibly bouncing from the 1.2700 zone. Then, a few weeks later, we saw EUR/USD forming a spinning top near 1.1900.
If you had followed both setups, then you would’ve made tons of pips off of the major psychological levels!
This time around, EUR/USD is back at the 1.1700 range support and has popped up possible bullish engulfing trades on the daily. Even Stochastic is on the bulls ’side with an oversold signal!
Bulls who are confident that the range support would hold for another day can buy at current levels and target key inflection points like 1.1900 or 1.2000.
If you start seeing EUR/USD trade below the 1.1700 support, though, then you should get your breakout or short EUR/USD trading plans ready.
Whichever bias you end up trading, make sure to bring your best risk management game!
