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Weekly Price Action Setups & Key Levels | Apr 7-11
EURUSD – Weekly 20 EMA Holding
Stepping out to take a look at the weekly chart, the Euro has sold off for 3 weeks straight, landing right on top of the weekly 20 ema (@1.3679). The pair is holding that line for now, which was also a SH (swing high) back in Jan. this year, so there may be some slight underpinning to start the week.
Watch for a push back up towards the key resistance in 1.3820 that we talked about last week.
If last weeks low at 1.3670 collapse, we’ll likely see an unwinding towards 1.3500
Dow Jones Index – False Break of 16560 Level
The former all-time-highs of 16560 were taken out late last week, printing a new ATH of 16650. But instead of holding the highs, the US index sold off massively to end last week, forming a false break + engulfing bar.
After losing ground from the open to start this week, bearish pressure is continuing, so I’ll look for a price action setup towards 16560 to get short on a corrective pullback. Downside targets are 16350 and 16210. Only a daily close above the ATH will suggest the short term bearish sentiment is over.
Gold – Forming a CT Impulsive Move
After shedding over $100 selling off for 9 out of 12 days, the precious metal is forming a CT impulsive move (counter-trend). Over the last 3 days, the PM has taken back 4 days of losses, suggesting the commodity is potentially forming a short term base around 1277.
I’ll watch for pullbacks towards 1293 to get long, with stops below the swing lows ~1278. Upside targets are 1307 and 1331.
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