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Weekly Price Action Setups & Key Levels | Oct 19-24
EURGBP – Potential False Break Setup
After breaking above a key role reversal level last week, and the profitable live trade recommendation we suggested buying off of 7908 worked out, the pair found some heavy selling just shy of the key resistance around 8050. This led to two days of consecutive selling, almost erasing last weeks gains.
The pair is however approaching the base of the last consolidation which led to a break lower. These consolidation bases can provide a good false break setup opportunity.
I’ll look for a potential long around 7884 with a tight stop below. The upside target would be 8000 and 8045. If 7884 collapses, then the bear trend is resuming and a move back down towards 7765 is on the cards.
USDCAD – Got Its Work Cut Out For It
One of the stronger bull trends the last few months has been in the USDCAD. The trend has been relatively non-volatile, with some periods of volatility.
However the climb higher stalled as of late, rejecting twice around 1.1375, with the second day forming an inside bar + pin bar combo. What is interesting is the following day, the CAD formed a with trend pin bar after a false break below the prior two day lows, now offering trades on both sides.
Bulls will want 1.1225 to hold and see some gains early this week to feel bolstered by their longs. Bears on the other hand will wait towards 1.1350/75 before shorting as there is a low risk-high reward trade available should the climb be weak in nature.
The next major support for the USDCAD is just above 1.11 while the next major resistance is at the big figure of 1.15.
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