Weekly Price Action Setups & Key Levels | Aug 6-11

​My Current Active Open Positions: USDJPY, AUDCHF, CHFJPY, EURGBP, AX_UN, CUF_UN, CSE, FTS, SBER, TRP, FXo EURJPY, FXo EURPLN

EUR/USD – LT Corrective Structure Broken, Testing Major LT Resistance (Weekly chart)
The breakout of the massive 2,5 year LT corrective structure changed out LT bias to bullish and since the breakout we’ve seen 3 weeks of almost uninterrupted buying, launching the EUR/USD 400 pips higher right into a major LT Resistance at 1.1860.

On Friday we saw a very strong rejection from this area of resistance during the NY session clearly showing that the bearish order flow is increasing.

The strong bullish weekly move starting at 1.05 is somewhat parabolic and the massive extension from the weekly 20 EMA suggest …

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