Weekly Price Action Chart Outlook | Oct. 21-26

price action range trading corrective weakness 2ndskiesforex.com oct 21

Starting last week strong, but fading to end the week, the Euro rejected just shy of the resistance level I discussed last week, topping out at 1.3141.  For the month of October, it has built up a series of slightly HL’s (higher lows) and HH’s (higher highs) so a slow buildup of buyers here.   More aggressive bulls can look around 1.2975 as a possible longs, or wait for a deeper correction towards the range bottom at 1.2821 before entering.  Bears can meanwhile look for shorts at 1.3160 and 1.3141 if price shows corrective weakness heading into the levels.  But for now, range play dominates.

After a 5 day rally, the GBPJPY found resistance at 128.25 forming a pin …

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