Weekly Forex Price Action Setups & Key Levels | Sep 27 – Oct 2
S&P 500 – Key Support Holding, But…(4hr chart)
Recently we talked about the key support between 1910 and 1900 on the S&P 500. The upper part of this support zone held causing a good 50 point bounce.
However the price action sold off heavily to end the week and this could form a LH (lower high) which would suggest a weakening towards a bearish bias. I’m guessing some bids will attempt to hold the 1910 support zone again producing a decent bounce. But a break below here and 1900 puts the August lows around 1860 into play.
EURGBP – Major Balancing Zone Holding (4hr chart)
After the false break setup profited that we talked about last week, the EURGBP went towards the 74 handle which is the top of the balancing zone and corrective structure.
The pair double tapped this resistance level to end the week so it’s pressuring it for now. Clearing this resistance would put the 75 big figure into play. Beyond here = an attack onto 7885 while folding at this resistance puts 73 and 7245 into play.
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