Where can we find some comfort this Friday morning?
What do you call comfort in your own home? The word home in itself sounds comfortable in general. But´it gets more comfortable when you have a comfortable sofa or swinging chair where you love sitting on. Then, other accessories such as a comfy table, a cozy place, a nice mug of coffee/tea etc make your place more comfortable.
That´s the same in forex. There is a particular forex chart setup and a few forex indicators that make us feel comfortable when we trade. Some find Bollinger bands comfortable, others use the Ichimoku cloud etc. I find comfort in moving averages, support and resistance levels, overbought and oversold levels and candlesticks. Where do these comfy indicators stand at this morning?
USD/JPY – It´s not difficult to spot these indicators/levels in USD/JPY. The first comfy level to sell this forex pair is 100.40s which has been the high today and where we can find the 100 moving average as well on the H1 forex chart. Above comes 100.90-101 and 100.50. Support levels stand at 100 obviously, 99.80s, 0.9950-60 which has been the low this week and 0.99.
The 50 moving average in yellow is the first obstacle to the sellers
EUR/USD – The comfortable levels on the top side in EUR/USD come at 1.1330s which is where we can find the 20 moving average on the H1 forex chart as you can see, then comes yesterday´s high at 1.1360, 1.1380-1.14. Above 1.14 all the way to 1.15 is a tough resistance area and a good place to open long term sell forex trades. Support is first provided by the 50 moving average at 1.1310, then comes the 100 moving average at 1.1270-80, 1.1250 and finally 1.12.
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