Weekly Price Action Setups & Trade Ideas | Aug 12 - Aug 17

eurusd technical analysis 2ndskiesforex

Chris current live open trades: NZDUSD, BIR, PLUS, TLS

NOTE: I just closed my EURJPY short for +330 pips of profit (see below). We shared this trade setup with our course members ahead of time. To become a member, click here.

EURUSD – Broken Through LT Support (Daily chart)

Price Action Context

The MT corrective structure held and after roughly 2 months of corrective price action, but Friday we saw an impulsive move through 1.15 and a very strong daily close below. If this LT impulsive/corrective sequence plays itself out, an impulsive continuation lower is very likely.

Trending Analysis

Bearish after the break and close below the LT support level, which now should act as resistance. Looking to sell on …

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