Weekly Price Action Setups & Key Levels
Second Skies | Oct 20, 2014 01:51AM ET
EURGBP – Potential False Break Setup
After breaking above a false break setup opportunity.
I’ll look for a potential long around 7884 with a tight stop below. The upside target would be 8000 and 8045. If 7884 collapses, then the bear trend is resuming and a move back down towards 7765 is on the cards.
USDCAD – Got Its Work Cut Out For It
One of the stronger bull trends the last few months has been in the USDCAD. The trend has been relatively non-volatile , with some periods of volatility.
However the climb higher stalled as of late, rejecting twice around 1.1375, with the second day forming an with trend pin bar after a false break below the prior two day lows, now offering trades on both sides.
Bulls will want 1.1225 to hold and see some gains early this week to feel bolstered by their longs. Bears on the other hand will wait towards 1.1350/75 before shorting as there is a low risk-high reward trade available should the climb be weak in nature.
The next major support for the USDCAD is just above 1.11 while the next major resistance is at the big figure of 1.15.
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