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Weekly Price Action Setups & Key Levels | Apr 12 – 17
EURUSD – Yearly Lows & Key Support Ahead (4hr chart)
Our sell trade recommendation from 1.1025 has continued to pay dividends as the Euro broke the ST range support above 1.07 late last week, breaking into the 1.05 handle. I’m still holding my bearish bias while below the key resistance level on a daily closing basis.
The yearly lows and key support ahead is coming in at 1.0485-ish, so am expecting some Euro shorts to cover and a decent bounce before bears step back into the market.
EURGBP – Potential Pre-Breakout Squeeze (4hr chart)
After double tapping the key resistance at 7378 where we recommended selling, the EURGBP has dropped about +150 pips since then. The last two days to close the week though were spent with weak bids entering the market.
The price action is resembling a pre-breakout squeeze putting pressure on the bids around 7225. If the breakout manifests, then this will put 7163 on notice and potentially lead to a larger move down towards 7036 where we’d expect shorts to cover.
I’ll remain bearish and look to sell on pullbacks towards 7378 but will be watchful for a potential breakout setup.
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