Weekly Price Action Setups & Key Levels | Apr 3-8
EURUSD – Just Below Major Resistance Zone (daily chart)
Since Jan of 2014, the EURUSD has spent only 3 days above 1.15000. After closing bullish for the last 5 days, the Euro is heading into a major resistance zone between 1.1430 and 1.15.
I’m expecting this zone to hold and thus some selling opportunities are available. As a long as we stay below 1.15 on a daily closing basis, my bias is neutral/bearish medium term.
Should sellers take over here, I’m expecting the price action to head towards 1.1370 and 1.1050. Meanwhile a daily break and close above 1.15 puts the Aug 2015 spike high around 1.1710 into focus.
USDJPY – Retesting Major Support & Corrective Structure (daily chart)
Since the 8th of Feb this year, the USDJPY has been in a large corrective structure between 114.85 and 111. After a solid rally in late March, the pair sold off to end the month erasing most of the gains.
Now the pair is retesting the major support level at 111 for the 4th time, although it’s doing so on the heels of producing an LH (lower high). Hence the bulls will be tested if they can hold the line this time.
If they do, they should produce a bounce towards 113+. However if they fail to hold the 110.65 yearly lows, then 110 and perhaps 108 are in order.
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