Forex Trade Signals and Setups Feb. 23rd
EURUSD – Busts Through Key Resistance
Euros were like hotcakes today as the regional currency gained against every major pair (save the CHF) while in the process taking out key resistance at 1.3322 (yearly high). The pair had a strong close towards the high suggesting little profit taking ahead of the weekend. Watch for a pullback to the former resistance which may act as a role reversal level. Should it hold on the 4hr or 1hr charts, look for a price action trigger with stops just below 1.3300 targeting 1.3450 and 1.3500.
Silver – Busts Through Yearly Highs
After forming a doji at key resistance yesterday ($34.51) Silver busted through the yearly high to close way above it at $35.33 taking out any stops and doubts global investors still have demand for precious metals. In fact, we could be witnessing a breakout which leads to another run up towards $39.50 in the near future.
Price is now resting just below the key swing high (SH) at $35.61 which was the pullback swing high from the bounce off of $26 back in late Sept. last year when the CME hiked margins on silver and sent it tumbling $14 in three days. If price can clear these levels above, then I expect new buyers will come into the market carrying it up to $39.50 in a matter of days. Traders can watch for pullbacks to the $34.51 level or watch for the break above and look for a role-reversal level trigger on the 1hr charts should $35.61 get cleared in the near future.
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