Weekly Price Action & Technical Analysis Outlook | Sep 15-20

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EURUSD – Gaps Higher, Sitting Just Under key Resistance
Last week we talked about an intra-day breakout on the EURUSD which was followed up with a pin bar. We suggested looking for longs off 1.3250 and the pair pulled back to 1.3252, then launched higher to end the week. This setup was discussed in our members forum and traded by many so hopefully you profited from that as well.

Opening the week gapping higher, the pair is just below key resistance between 1.3400-3450. If the resistance is hit first before filling the gap, we will consider sell signals in the resistance zone to pullback and fill the gap. If the gap is filled first, then we prefer intraday buy signals targeting 1.3400. A daily close above 1.3450 suggests higher prices and a continuation of the bull run.

eurusd pin bar gap breakout price action 2ndskiesforex

GBPJPY – Clears Major Hurdle
The GBPJPY has cleared a major resistance hurdle in 156.70 which has been the high since early May this year. The pair broke through with a large breakout bar, then pulled back into the level offering a with trend pullback setup. This level has held, and now the pair faces a test at the 158.25 which is the breakout high. If this holds prices in check, then we have a range so look for buy signals off 157 targeting 158.25 and a potential breakout higher gunning for 160. Only a daily close below 156 will negate the short and medium term bullish bias.

gbpjpy breakout pullback setup key level 2ndskiesforex

Spot Silver – Bull Trend In Trouble
After rallying over $6 in August and early Sept, Silver started a corrective sell-off over the next few weeks that formed a ‘structured channel’ (common in corrective pullbacks). The PM sold off heavily last Thursday breaking out of the channel in what is called a ‘channel overshoot‘ finding buyers at 21.35 which is a key support level. Short term bearish pressure is still present, but the channel overshoot suggests the down-leg and selling may be over for now.

Key resistance for bulls comes in at 22.50/23.50. Bears can look for price action sell signals here, while bulls will need to clear this before bringing confidence back to the precious metal. A daily close below 21.30 suggests further downside and a test of 20.50 so the next few days will be critical for the PMs.

silver price action channel overshoot corrective pullback 2ndskiesforex

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