Weekly Price Action Setups & Key Levels | Oct 29 - Nov 3

eurusd price action analysis 2ndskiesforex

My Current Active Open Trades:  USDJPY, EURCHF, CHFJPY, EURRUB, USDRUB, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN

EURUSD – MT Corrective Structure Failed to Hold (Daily chart)
Since end of July, the EURUSD has been trading within a ~400 pip, MT corrective structure. This week we saw a break of the structure lows, resulting in continued selling towards 1.16.

The break of this structure suggests ST weakness and a continuation towards the LT support coming in at 114.60 is likely IMO if the bears are able to stay in control.

On weak pullbacks the old ‘bottom’ of this corrective structure at 1.17 is a highly attractive area IMO for ST bears wanting to short this pair in anticipation of a …

... Keep reading