Friday’s Trading Setups
Yesterday, we had few interesting movements but I think that the most important one, happened on the EURUSD.
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With yesterday’s upswing. The main pair, managed to break the upper line of the symmetric triangle, which was a mid-term, dynamic resistance. In addition to that, we broke the horizontal resistance, which was with us, since the 2nd of May. Today, buyers successfully used that line as a support. With this kind of movement, the sentiment is positive.
Next instrument is the EURCAD, which yesterday went higher in line with the EURUSD, but today, the price is going down. The drop is still fresh and was caused by the better employment data from Canada. Both setups were very similar but it seems that in this case, the breakout will be false, which will be a great occasion to sell.
Now, two pairs with RUB. Both of them are one step from a major buy signal. USDRUB has a flag bouncing from the support and EURRUB has a bullish rectangle. In both cases, price closing a day above the upper lines of those patterns, will be an invitation to go long.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis