Weekly Price Action & Technical Analysis Outlook | Oct 20-25
EURUSD – Sitting Just Under Major Resistance
Still holding the bullish uptrend, the Euro is currently parked under the key resistance level at 1.3710 which is the yearly high. Although this pair has been on a 600 pip run, as long as it holds above 1.3450, the bull side is favored. Traders can look for a breakout pullback setup above 1.3715 which would target 1.3830. Corrective pullbacks towards 1.3550 and the daily 20ema can be considered buying opportunities to rejoin the trend. Only a daily close below 1.3450 negates our bullish bias.
Dow Jones Index – Large Channel Suggests More Upside
Gaining for 7 of the last 8 days, the Dow Jones Index has been stuck in a large channel since mid-April this year, which is about 1000 points wide. While short term the bullish momentum is slowing a tad, there is still more upside I suspect.Bulls can look for intraday pullbacks between 15148/15215 for price action signals, with upside targets of 15500 and the channel top at 15750. Bears meanwhile can wait for the channel top before selling, targeting 15400 and a much longer move down to the channel bottom around 14800.
WTI Crude Oil – Still Bearish Below Dynamic Resistance
For the last 22 days, WTI Crude Oil has been below the daily 20ema and dynamic resistance. The 4 attempts to break it all resulted in downside rejections and lower prices. I’ll look to sell on a corrective pullback into the daily 20ma, currently parked around 102.54. Downside targets would be 100.45 and 99.30.
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