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Weekly Price Action Setups & Key Levels | Feb 23-28
EURUSD – Bullish to Neutral Bias
Gaining 9 of the last 15 days, the EURUSD is still holding a bullish bias, but will be running into some headwinds shortly with the key resistance zone between 1.3796 and 1.3892. Bears can look for intra-day rejections in this resistance zone as it seems unlikely bulls will be massively buying at these levels. Those not already long will need a convincing break above before adding longs. For now, remain slightly bullish leaning towards a neutral bias heading into this resistance zone.
GBPJPY – Slightly Bullish Bias if Can Remain Above 170
For the last 7 days, the GBPJPY has trotted in place literally going nowhere. There are pin bar rejections on both sides of the market. Considering the last leg up was highly bullish, there could be absorption here from the bears. If the bulls can clear the air above 171.90, then 173.15 and 175 are on deck. Watch the daily 20ema and dynamic support for clues, as a daily close below 169 might trigger more selling.
Spot Silver – Bullish Bias with Potential Breakout Structure
We continue to remain bullish on spot silver, with our last suggested buy area working out well, not up over 50 points. The PM is starting to build a potential breakout structure with a pre-breakout squeeze. I suspect the breakout should happen on Monday or Tuesday this week. Bulls can watch for breakout pullback setup above 21.96, or pullbacks to the intra-day support around 21.30.
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