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Weekly Price Action Setups & Key Levels | Feb 1-6
EURUSD – 1st Role Reversal Level Holding, Potential Breakdown (4hr chart)
After spending the last 3 days trying to penetrate the offers just below 1.14, the Euro failed to make similar highs, and produced a few lower highs closing the week just below the 1.13 handle.
Short term the pair is in a small range with a bearish bias. Any weak pullbacks towards resistance are solid sell opportunities. Only a daily close above 1.1560+ negates the bear trend MT.
USDCAD – Possible Exhaustion Price Action (1hr chart)
Jumping almost 400+ pips from our members buy zone setup around 1.24, the USDCAD has been on a tear forming impulsive move after impulsive move. You’ll notice how the buying and breakout of the prior days highs was generally confined to 2-3 hours of heavy buying pressure.
What is interesting is the last impulsive move up. Notice how a) this breakout was all within 1 hr of heavy buying, b) was the largest 1hr move in the entire series, and c) produced the strongest corrective selling pressure since?
This hints at a possible exhaustion price action move, so intra-day bulls should be cautious. 1.2667 is your short term support. Below here is 1.26 and 1.25 with the latter being a solid role reversal level.
Only a daily close below 1.24/2380 negates the bear trend MT.
Also in our members trade setups commentary, we cover the AUDUSD, USDJPY, EURGBP & EURJPY. Click here to become a member.
Want to learn how to trade support and resistance? Read our article The Best Support & Resistance Levels Part 1
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