Weekly Price Action Chart Outlook | Nov. 25th – 30th
Getting quite aggressive last week, the Euro rallied about 300pips and climbed all 5 days last week, supported by two with trend pin bar setups. The pair has gained 7 of the last 8 days and is knocking on the big figure at 1.3000. Bears may attempt to defend this level, but should they fail, then the 6mos highs at 1.3145 will be up next, so still some upside play for the bulls. Bulls can look to take possible longs around the 1.2850/30 support zone and dynamic support on the daily 20ema.
Talk about bulls on parade, the EURJPY has gained over 650pips in the last 8 days, gaining on 7 of those 8. The breakout pullback setup we suggested earlier this week played out as the pair twice rejected off the 104.50 area and launched higher to close up each day. Short term you have to favor the bulls, and the next major resistance is at 107.81 which is the April 2012 swing highs and the next likely place the bears will come in. Aggressive intraday bulls can take pullbacks into 105.71 to get long, or wait till 104.50.
Climbing for an impressive 6 days in a row, the Dow Jones Index has gained over 500pts during the 6 day impulsive price action. Now the index is sitting at a major resistance level and big figure at 13000 which is a role reversal level, and should see some bears attempt to defend the level. If the major index can clear this level, then 13300 will be up next where bears will likely test the current bull run. Bulls meanwhile can look for pullbacks to 12875 and 12772 before adding longs.
Outperforming Gold over the last few weeks, Silver has gained the last 5 days straight and 11 of 15 days. The precious metal is not far from the yearly highs at $35.36 so we are entering interesting territory. The metal should encounter some sellers around $35.00 so bears can look to possibly sell here. Bulls can take pullbacks towards $32.84 and $33.00 to get long, but if it can clear the yearly highs, this will likely trigger stops and bring in new buyers, gunning for the major swing high at $37.00, so a lot of potential upside for bulls here.
Make sure to check out my newest video covering an Intraday Price Action Trading on Silver.
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