Weekly Price Action Setups & Key Levels | Jul 10-15
My Current Active Open Trades: EURUSD, EURGBP, AUDUSD (vanilla option), EU Stocks 50, TSLA & VXZ
EURUSD – Impulsive & Corrective Price Action Suggests ST Bearish (1hr chart)
Following the brexit sell-off, the EURUSD has been mostly playing withing a corrective structure. Considering the impulsive move down, and the corrective price action to follow, bears are still in control ST.
For now, our 1.1169 level held perfectly which we talked about in our members commentary & end of week review so congrats to those members who profited from this.
Downside we have 1.0950 as ST support. Clearing here puts 1.06 into focus while a break above puts 1.14 back under the microscope.
Silver – ST & MT Bullish, Looking to Buy (4hr chart)
One of the best performing instruments of the year, silver was bullish for most of June, yet in a large corrective structure since July. I’m ST & MT bullish while above 18 on a daily closing basis.
For now 18.48 and 18.06 are key support levels traders will want to watch. For now the corrective structure & price action between 19.50 and 20.50 is key. Clearing 21 puts 25 as the next MT/LT target.
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