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Weekly Price Action Setups & Key Levels | Oct 26-31
EURUSD – 2nd Support Under Pressure (4hr chart)
After losing the 1.27 handle last week which we covered in our member market commentary, the Euro has hit the 2nd major support at 1.2612. Although the pair formed a bounce creating a pin bar + engulfing bar, the bounce since has been mostly corrective in nature, thus buyers haven’t really stepped in strong.
I’m suspecting one more challenge of the 1.26 support this week. If it folds, then we’ll likely see a test of the yearly lows and key support at 1.25. If the pair can aggressively bounce from 1.26, then 1.2735/45 will be its first test short term.
USDJPY – Beginning to Form Breakout Structure (1hr chart)
As we talked about my live trade setup on the USDJPY last week in the members commentary, the pair hit short term resistance around 108.30 before pulling back ~60 pips. The price action context and structure since then is showing the bulls are buying intra-day dips, forming an engulfing bar in the process.
What is interesting about the intra-day buying is it has been largely away from support back down at 107.60. For now, resistance at 108.30 may reject again, but if the sell-offs from here get weaker, we are likely seeing a pre-breakout structure. Should the pair make it’s way above 108.30, then 109.10 is the next resistance on deck.
Also in today’s weekly member trade setups commentary, we cover trade setups on the GBPUSD, USDCHF, USDCAD, AUDUSD and NZDUSD. Click here to become a member.
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