Weekly Price Action Setups & Key Levels | Dec 13-18
EURUSD – Current Trade In Profit +185 Pips, Holding Bullish Bias (4hr chart)
Last week I posted a price action trading video sharing several trades. One of them that I’d just opened shortly before the video was the EURUSD long at 1.0799.
Since then the Euro has gained heavily since as the current trade is up +185 pips and +115 locked in. Short term the price action structure has been an impulsive run up, a decent pullback to the dynamic support and 20 EMA with another bounce higher.
Hence, I’m maintaining my bullish bias while the pair is above 1.08 and 1.09 on a daily closing basis. Upside I’m looking for an attack on 1.1040 and 1.11 handle near term.
AUDUSD – MT Bearish Below Key Resistance Zone (daily chart)
After building a series of higher lows since late September, the AUDUSD has double tapped the offers around 7360-85 once in October and once earlier this month. Medium Term (MT) the price action bias is bearish while below the key resistance zone between 7360-7490 (blue box).
Hence I’m looking to sell for an eventual swing lower towards 7025 and potentially down to 6900. Any weak rallies may be good ops to sell. Only a daily close above this zone changes the MT bias to bullish.
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