Weekly Forex Price Action Setups & Key Levels | Nov 1-6

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S&P 500 – Hits 2100 Target for Solid Profit, Likely Pullback (4hr chart)
As we wrote about in our Tuesday members commentary, the S&P 500 was a buy on pullbacks while above 2060. Our upside target of 2100 was hit on friday so congrats to those members who profited from this.

For now I’m suspecting the price action to pullback minimally towards 2060 again. I’m remaining bullish while above 2036 on a ST basis and 1990 on a MT basis.

s&p500

EURUSD – Attacking Key Role Reversal Level (1hr chart)
For the second time in about a week, the EURUSD is attacking a key role reversal level around the 1.11 handle. This is the same level we suggested selling earlier and profited nicely.

For now short term, I’m staying bearish while below this key level on a daily closing basis. Downside 1.09 would be the first major target while a close above puts 1.13 into focus.

eurusd

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