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Weekly Forex Trade Setups & Key Levels | Jun 7 – 12
EURUSD – Challenges 1.1070 RRL, Potential False Break (1hr chart)
Thursday in our daily members commentary, we talked about a likely move back down to the RRL (role reversal level) at 1.1070 before bids would step back in.
As you can see from the chart below, this is exactly what happened on Friday as the pair dropped 2 cents after the NFP print.
The pair initially broke through but climbed back above it potentially forming a false break setup. If Friday’s low holds, then we’ll likely see a test of 1.1190 and 1.1269. If it folds, then we are likely seeing a move back down to 1.0875/1.09.
USDJPY – Continues to Soar (1hr chart)
Being the strongest vs. the yen, the USDJPY broke above a key resistance level and yearly highs at 125 almost breaking the 126 handle before pulling back.
Notice the corrective price action structure near the highs from last week. This suggests little pressure from bears at the moment so am expecting another leg up.
There is a pullback zone between 125.10 and 124.84 (blue box) which I’d be open to buying at. The corrective structure may lead to a breakout from here. Upside the next resistance level is 126.75 and then not much till after mid-129’s.
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