Weekly Forex Price Action Setups & Key Levels
Second Skies | May 26, 2014 01:10AM ET
NOTE: Tomorrow is the Memorial Day Holiday in the US, so expect thin markets come NY session all the way through to Tokyo.
EURUSD – Pin Bar Fails, Bearish Bias
Losing ground 6 of the last 7 days, the Euro broke through the two pin bars lows, hitting a 3 month low last week. I’m expecting the bearish price action to continue with the potential to return back to the ‘big figure‘ at 1.3500.
Our Trade Idea: Look for corrective pullbacks towards 1.3670.95 area to get short with stops just above 1.3740. Downside targets are 1.3560 and 1.3500.
pin bars inside this corrective structure, suggesting bears are holding the offers just shy of 172 for now.
Our Trade Idea: Look for a corrective pullback into our buy zone (~171.15-170.80) to get long. Should the bulls hold this line, then if it can ‘recover’ 171.30, then it should resume its upside attack towards an eventual target of 172.50.
key resistance . The last approach to this level showed selling ahead of time, which is notably absent this time, suggesting an eventual upside break. However I’m suspecting bulls will take profit ahead of the level in anticipation of running into sellers here.
Our Trade Idea: Look to get short a few points below 105 with a tight stop above 105.20, trading half your normal position size (due to the current bullish bias). If sellers emerge, then downside targets will be 102.50 and 100. A daily close above 105 opens up fresh upside towards 108.75.
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