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Weekly Forex Price Action Chart Outlook | Dec. 17th – 21st
Gaining every day last week, the Euro is making a stronger case for an eventual breakout of the 1.3169 level which is a 7 mos. high. Long term charts suggest an eventual breakout of this level, perhaps investors thinking Spain and Greece will be saved. Short term aggressive traders can look for possible shorts here, but I’d rather be long on a breakout pullback setup above this level.
Approaching critical resistance, the EURJPY has just rejected off the yearly highs at 111.31, and looks to be forming a potential daily pin bar should it close like this. Considering the last leg of this run has been almost parabolic, it would make sense for sellers to hold this level and possibly push back further on this pair. Any intraday corrective price action pullbacks into this level could be an opportune moment to sell the pair for a move back down to 108. Bulls meanwhile will need to clear this level, or sell off further before adding new longs.
Trying to form a bottom, the precious metal has intraday rejected off a support level at $1685, potentially forming a daily pin bar in the process. Ironically, today’s lows are the low of another prior pin bar from six days ago. The $1685 is one of the last defenses for bulls medium term, with $1672 just below. A break of the lower level should start some aggressive selling as stops will likely be tripped from any bulls who bought there in early November. Bulls can watch for intraday price action signals on the medium term lows, while bears can look to $1705 and $1721 to short weak rallies.
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