Weekly Forex Setups & Key Levels | May 31 – June 5
EURUSD – Steady Buying, Key Resistance Ahead (4hr chart)
Slowly marching higher at a tortuga-like pace, the Euro has gained over the last few days following the false break setup we talked about last week.
Intra-day the pair keeps finding offers as shown by the upside wicks on the 4hr chart below, yet trudges higher despite this.
I’m suspecting bulls will take some profit around the role reversal level at 1.1070 while some offers will step back in. Impulsive selling from here targets last week lows while a daily close above this level changes the bias MT to bullish.
USDCAD – Support Zone Holds First Test (1hr chart)
Last week in our members commentary, we talked about being bullish on the USDCAD and looking to buy in a key support zone between 1.2430 and 1.2360. The upper layer of this level held nicely on its first test sending the pair +100 pips higher before rejecting, offering a profitable intra-day setup.
For now I’m staying bullish ST while above this zone on a daily closing basis. Upside the double top near 1.2525 would be the first target while the mid-26’s would be the next.
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