Who’s up for purchasing fiat currencies today?

When you are, then you definately higher not miss EUR/USD’s uptrend and GBP/CAD triangle pattern support retests.

Don’t even consider missing these setups!

GBP/CAD 4-hour Forex Chart by TradingView

First up is GBP/CAD consolidating inside a descending triangle on the 4-hour timeframe.

See the pair is back to retesting its 1.6100 support after a recent rejection at 1.6300.

Bulls who’re confident that the consolidation will result in GBP/CAD extending the uptrend it began in late September can benefit from the return to 1.6100 and trade a possible move to the 1.6450 triangle resistance.

When you’re convinced that the triangle consolidation would result in a bearish reversal, nonetheless, then it’s also possible to make trading plans around a possible downside breakout.

A break below the 1.6100 opens GBP/CAD to a drop right down to the 1.5400 major area of interest.

EUR/USD Day by day Forex Chart by TradingView

Here’s one for the trend playas on the market!

EUR/USD is consolidating near the 1.0700 major psychological handle, which lines up with the 61.8% Fibonacci retracement of this 12 months’s upswing.

More importantly, it’s near an ascending channel support AND a key area of interest back in May and in December.

EUR/USD bulls who’re taking cues from Stochastic‘s oversold signal and the bullish SMA crossover on the each day can start scaling in long positions at current levels. The 1.1000 previous high is an excellent profit goal level though it’s also possible to aim for brand spanking new 2023 highs if there’s enough momentum.

Not feeling like buying EUR against USD? You may also wait for a transparent break below the channel that we’re watching after which trade a possible drop to the 1.0470 or 1.0320 areas of interest.