Good trading setups for the end of the week

EURJPY defended the 131.9 support (green) and from that point, the upswing has started. The price went significantly higher, breaking the upper line of the pennant and then later, successfully testing it as a support. Buy signal is on and the first aim is the highs from the September.

WTI Oil is in the long-term channel up the formation and most recently inside of the ascending triangle pattern. Breakout of the resistance on the 52.2 should trigger a buy signal and the breakout of the blue support should deny the triangle and trigger the sell signal towards the lower black line.

Drop from today’s morning on the GBPUSD can be considered as a false breakout and actually is an invitation to go long. Especially that we are inside of the flag formation. Breaking the upper orange line should trigger a legitimate buy signal with the potential target being 150 pips higher.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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