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Weekly Price Action Setups & Key Levels | Dec 4-9
My current active open trades: AUDCAD, AUDNZD, US Copper, AUDUSD
EURUSD – Bearish Pressure Inside Large Corrective Structure (weekly chart)
I wanted to zoom out to the weekly chart to give a good perspective on the Euro. Today the Italian PM lost the referendum, which could put a lot of pressure on Italy to leave the Euro-zone with the anti-euro party gaining steam.
Italy leaving would likely signal the end of the Eurozone, and we’ve seen a lot of bearish pressure on the euro since market open.
The weekly chart gives us a good long term perspective of the price action with the pair stuck in a large corrective range between 1.05 and 1.15.
If the structural lows fold, then there is a potential RRL setup with a move towards parity. However any bounce off the lows will face bearish pressure and offers between 1.10 and 1.15, so I’d be looking to sell on any rallies or a clean break below.
EURGBP – Close to Breaking Structural Support (daily chart)
Keeping the focus on the euro, the EURGBP has sold off from the market open and is close to breaking a key structural support level in 8245. If this level folds, then I’m not seeing much support till the 81 handle.
I’m bearish on the pair and am considering selling on a rally into resistance around 86 or a potential RRL setup once we clear below the key support.
Only a daily close above the 86 handle would negate my bearish bias.
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