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Weekly Price Action Setups & Key Levels | Feb 8-13
EURUSD – Testing ST Support (4hr chart)
After giving a kiss to the big figure at 1.15, the Euro sold off after NFP and never looked back closing on the lows. Right now the pair is sitting above ST support around 1.1275.
For now, the price action is in a range between these two levels. I’ll be happy to sell on any rallies up towards the role reversal level + resistance as I’m maintaining the bearish bias. A break below the ST support opens up the yearly lows. A bounce from here puts the key resistance back in focus. So stick with the bearish bias till the role reversal level folds on a daily basis.
AUDUSD – Potential False Break Setup (4hr chart)
After failing at the role reversal level around 7850, the Aussie sold off about 100 pips to close on the lows to end the week. Because of the failure to hold below 7700 to start the month and quick bounce, we have a potential false break setup just above 7700 if it holds.
If so, then bulls can get long here targeting the range highs. If this level folds, then the false break scenario is negated, and we are targeting a 2nd touch on the yearly lows before any bulls consider getting back in.
Also in our members trade setups commentary, we cover the USDCAD, USDCHF, EURGBP & GOLD. Click here to become a member.
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