Weekly Price Action Setups & Key Levels | Jan 25-30
EURUSD – Likely More Bearish w/Greece Vote (4hr chart)
On the heels of the anti-euro/austerity party winning the vote in Greece, the Euro was already under massive pressure post ECB QE announcement. The pair has lost ground for 6 weeks in a row, and our sell trade setup at 1.1645 worked and profited nicely.
For now, we have a short term range between 1.1289 and the yearly lows just above 1.11. There is also a second resistance zone between 1.1445 and 1.1545.
I’ll look to sell into resistance, with an anticipated move down to 1.10, 1.07 and potentially down to parity. Only a daily close above 1.1650 negates the bearish trend MT.
EURGBP – Multiple Sell Zones (1hr chart)
Also a trade setup we talked about last week in the members commentary that profited well, the EURGBP has been a good alternate Euro pair to sell with the pair dropping a few cents on the week.
We have multiple sell zones I’d be open to putting a short on. The first of which is the intra-day resistance from the heavy drop to end last week, around 7500. Above here there is 7553 and 7615. Only a daily close above 7650 negates the bearish trend MT, so watch for price action clues heading into the levels to get short.
Downside targets remain the same from the members commentary last week.
Also in our members trade setups commentary today, we cover the GBPUSD, USDCAD, NZDUSD & EURJPY. Click here to become a member.
Read our latest article A Trading Mindset: Books to Give You A Mental Edge
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book