How to trade EUR/USD?
EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.
USD/CAD may be capable of more
Trade idea
BUY 1.3230; TP 1.3275; SL 1.3215
BUY 1.3205; TP 1.3275; SL 1.3180
USD/CAD firstly formed a bullish “engulfing” candlestick on the W1 and then confirmed the upside by the following strong bullish candlestick. On the daily chart it managed to form a higher low and overcome important resistance levels of the 100- and 50-day MAs (1.3195 and 1.3205). These lines will from now on act as support for the price. Yesterday the pair closed above 61.8% Fibo retracement of the October decline at 1.3228. As a result, there’s scope for the exchange rate to go up to the 1.3275/80 area (200-day MA, 78.6% Fibo). On H4, indicators show divergence, so the pair may go lower before heading to the upside targets. Look for buy signals between 1.3230 and 1.3205. The decline below 1.3190 will open the way down to 1.3160.
Elizabeth Belugina
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USD/CHF has made an impressive movement to the downside. The pair has closed on Wednesday below the 61.8% Fibonacci retracement in the 0.9455 area.
GBP/USD: bearish “Crab” pattern
On the D1 chart of GBP/USD the price action conforms to the bearish “Crab” pattern.
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