Weekly Forex Price Action Setups & Key Levels | Nov 8-13
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EURUSD – Pummeled Post NFP, Bearish Bias (1hr chart)
Already in a bearish trend, the EURUSD got pummeled after the NFP print dropping from the high 1.08 handle to hover just above the 1.07 figure. Notice the impulsive selloff following the corrective structure before the selloff indicating a likely down move.
For now, I’m remaining bearish while below 1.09 and the upper corrective structure. I’ll look to sell on pullbacks into that zone, ideally weak pullbacks. Only a daily close above 1.09 negates my bearish bias ST.
Downside I’m looking to target the 1.05 ‘big figure‘ as I’m expecting a much lower Euro vs. the USD.
USDJPY – Breakout of Key Structure, Bullish Bias (dailychart)
Gaining for the last 5 days in a row, the USDJPY price action busted out of a key structure and range which had held for the last two+ months clearing the highs just above 122. This creates a bullish risk ST as the bids will now try and push the pair up towards the ‘big figure’ at 125 and key resistance from this summer.
I’m looking to get long on pullbacks into the resistance around 122 down to 121.50/75. only a daily close below 121 would negate my bullish bias ST. Bears meanwhile will want to wait till 125/125.15 before looking to sell as I’m guessing some offers are waiting around there.
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