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Weekly Price Action Setups & Key Levels | Nov 17-22
EURUSD – 1.33 Holding While 1.35 Under Attack
So far, every downside test of 1.33 has held with the pair forming HLs (higher lows) and continuing its attack on 1.35. The pullback on the 4hr chart, although having elements of being corrective, is structured with the bears weakening on each push-back. Watch the 1.3560/40 area for absorption from the bears. If the intra-day charts are showing the offers are holding, then look to short in this zone, targeting 1.3480. If this level folds, then expect a return to 1.3690. Short term bias is bullish, but the real test for the bulls is coming up.
GBPUSD – Sitting Right Under Key Level
Performing better vs. the USD, the cable is pressing right up against a key level at 1.6121 which is a role reversal level. The bulls keep eating into the offers there, so I’m suspecting a breakout above. If this happens, I’ll look for a breakout pullback setup at this level above, targeting 1.6170 and then the Oct. swing highs at 1.6245. If the offers absorb all the buying pressure, then a likely return back to 1.6000 at a minimum.
WTI Crude Oil – Buy Recommendation Profits Over 180 points
On November 12th we had a buy recommendation off 92.55 being a huge multi-month support level. Two days later and Crude spikes down to where? 92.49, then proceeds to bounce almost 200 points. Savvy price action traders profited from that so hopefully you did the same. The commodity still looks like sellers are present and trying to attack the level again. Bulls can watch 93 and 92.55 for potential buy signals. If those collapse, then 91.00 will be under attack.
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