Weekly Price Action Setups & Key Levels | Dec 10 – Dec 15
Chris Capre’s Current Price Action Trades: EURUSD, EURCHF, CHFJPY, EURNOK, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN
NOTE: Check out my top trades for 2018
EURGBP – Potential False Break @ Bottom Of MT Corrective Structure (4h chart)
During NFP on Friday, bears managed to push price below the base of the 2+ month corrective structure the pair has been trading within. This move was quickly countered by the bulls who managed to push price back into the structure, producing a potential false break setup.
For now, I expect the bottom of the structure to act as support with bulls likely wanting to push price up towards the top of the structure @ 90.00 again.
A strong break and close below 87.50 on the other hand could open up for a bigger move all the way down to 83.50 IMO.
NZDNPY – MT Bear Trend Headed Towards LT Support (Daily chart)
Before reaching the LT resistance @ 83.50, bears were able to re-gain control which started a volatile MT bear trend that is now headed towards the LT Support @ 75.75.
Levels within this MT trend are being well-respected and we now have a corrective pullback into previous broken support around 77.70, a level which now should act as resistance.
As per the first pillar of price action, there is a higher probability this corrective move will be followed by another bearish impulsive move.
A strong daily close back above 77.70 would open up for moves towards 79.30 which is the next resistance in line and if that level also folds, a move towards 80.80 would be very likely IMO.
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