Weekly Price Action Setups & Trade Ideas | Jul 22-27

eurusd corrective structure support 2ndskiesforex

Chris Capre’s current open trades: EURCHF, BIR, PLUS, TLS

EURUSD – Corrective Structure Bottom Still Holding (daily chart)
After attempting to hit the 1.15 major support level and structural lows, the Euro found strong buying interest late last week barely touching 1.16 before launching 100 pips higher.

MT the corrective structure is still in play with bulls defending the 1.15-1.16 key support zone while bears wanting to avoid any daily closes above 1.18.

For now we’re trading both sides until the corrective structure is broken.

Breaking 1.15 on a daily closing basis = IMO a move much lower as technical stops will likely have been tripped. Meanwhile if bulls can cross 1.18 and 1.20, then the next likely upside is …

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