Weekly Forex Trade Setups & Key Levels | Jun 14-19
GBPUSD – Larger Structure Trying to Build (4hr chart)
After holding the 52 handle 2x and starting a new impulsive bull leg, the pair stalled last week around 1.5550 before pulling back.
Bids stepped back in at the RRL (role reversal level) around 1.5437 and pushed the pair higher. ST this creates a pullback location for bulls, although the pair looks like it wants to attack 1.57.
Weak pullbacks into the RRL is a potential location to get long. Only a daily close below here negates my ST bullish bias.
EURJPY – RRL Holding for Now (4hr chart)
Last week we talked about being ST bearish on the EURJPY since it broke below the range structure support around 139-ish. After a second attempt to break through the RRL (role reversal level), the pair sold off about 100 pips before bouncing mildly.
ST the pair is still bearish while MT bullish. If we don’t get impulsive selling from here and break last week’s lows, then we’ll likely retest the RRL with bulls attempting to break back into the range.
Doing so would create a more complex corrective structure.
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