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Weekly Price Action Setups & Key Levels | Apr 5 – 10
EURUSD – Also Bearish Below Resistance (4hr chart)
Although the Euro is building as if it want to make higher highs and turn bullish, the pair still is bearish below the key resistance zone between 1.1024 and 1.11. I’m staying bearish whilst we are below this zone on a daily closing basis.
If medium term and long term bears step back around this zone, we should see a move back towards 1.09 at a minimum, then potentially targeting the prior swing low at 1.0736.
USDCAD – Major Support Zone Still Holding (4hr chart)
The USDCAD has recently bounced from the major support zone we’ve been talking about in the members commentary the last month or so. This zone is between 1.2375 and 1.2430.
The pair recently rejected off the level forming a pin bar and then bounced higher. If the bids step back into the market, we should see a move back up towards 1.26 and then 1.2750 before bears return so a potential range play here for bulls. Only a daily close below the support zone negates the bullish outlook.
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