Weekly Price Action Setups & Key Levels | Apr 23-28

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EURUSD – Jumps After 1st Round French Election Votes (daily chart)
Earlier this morning, the 1st round of the French elections came in with a for now market bullish result (Macron into 2nd rd as expected along with Le Pen).

The result was the euro jumping almost +150 pips from the open, peaking above the 1.09 handle before pulling back.

For now, the price action is bullish while above 1.0860 on a daily closing basis. I would like to note the CT corrective structure which suggests the structure will be holding as long as we don’t get a close above 1.10 on a daily closing basis this week.

Hence ST bullish, MT neutral while inside the CT corrective structure. Clearing out the CT corrective structure puts 1.12 into focus while a close below 1.0860 puts 1.07 into focus.

eurusd corrective structure 2ndskiesforex

GBPUSD – Holding Steadily After Breakout (daily chart)
After breaking out last week above the key resistance (~1.2742), the pound has been holding steadily after the breakout forming a corrective structure in the process.

Thus far, this is a ST bullish sign IMO as no heavy selling has materialized while above the key resistance zone, and the pair seems to find buying interest over the last few days.

Hence I’m bullish ST on the pair and am expecting more upside. My MT targets are 1.30 and 1.35. Only a daily close below 1.26 would negate my ST bullish bias.

gbpusd corrective structure after breakout 2ndskiesforex

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