Three Great Trading Setups: EUR/USD, USD/JPY and Silver

Since the last week, EURUSD is going higher, using the bounce from the long-term up trendline and a double bottom formation. The upswing stopped on the combination of the mid-term down trendline and the 38,2% Fibonacci. Breakout of those resistances will give us a strong buy signal.

Silver is testing the lower line of the symmetric triangle pattern. It is the second test in the past few days. First bounce was not very strong so there is a chance for a major breakout. Price closing below the yellow area will be a super strong sell signal.

USDJPY created a head and shoulders pattern. We already saw a breakout of the neckline and the bounce from the horizontal resistance. That should give us a sell signal but in my opinion, it would be better to wait for the breakout of the 109.37 support first.

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