Weekly Price Action Setups & Key Levels | Oct 5-10
EURUSD – Shallow Pullbacks, Non-Volatile Trend
Showing no ability to touch the dynamic resistance and daily 20 EMA, the EURUSD has been sold virtually ever 2 out of 3 days and continues to get pummeled.
This is not the time to look for deep pullbacks (yet), as you can see shallow pullbacks have been sold with this being a non-volatile trend. Hence I’ll look to get short into 1.2590 and 1.2660.
Downside targets are 1.2460, 1.2303 and 1.2175, so bearish bias remains until a daily close above 1.2715 near term.
USDJPY – Bulls Step in On Pullback
After dropping 200 pips from the 110 highs that I took profit on my live trade setup, the USDJPY found some aggressive buyers happy to step in on a pullback.
This confirms the bull trend is still alive, but we could have a range forming here between 110 and 108. If the price action cannot break the 110, then look to play the range, however if it breaks this level, then look for an attack on the 110.60 resistance we’ve been talking about in prior commentaries. Only a daily close below 108 and 107.35 seriously dents the bull trend.
See our latest Live Price Action Trading Setups trading both sides of the market and profiting heavily.
In this weeks member trade setups commentary, we also discuss the GBPUSD and how to trade this trend, the Dow Jones and whether the pullback will produce a real bounce, the CAC 40 and where we want to trade it, the EURGBP potential new trend direction, the USDCHF trade levels we like and the USDCAD trend and how to trade it. To learn about becoming a member, click here.
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