Weekly Price Action Setups & Key Levels | Jul 23-28
My Current Active Open Positions: EURGBP, EURAUD, USDJPY, AX_UN, CUF_UN, CSE, FTS, SBER, TRP, FXo EURJPY, FXo EURPLN
EURUSD – First Weekly Close Above 1.15 In 2,5 Years (Weekly chart)
For the first time in 2.5 years, the EURUSD has been able to close above 1.1500. The strong weekly close suggest very little profit taking + bullish momentum still being strong.
The fact that this important level has been cleared will most likely open up for more technical buying interest in the pair and thus keep our trend bias ST to the bull side.
This makes 1.1450 a very interesting level to look out for on weak pullbacks into the level with next key resistance level coming in @ 1.1870.
A strong close back below 1.1450 would again put supports @ 1.1275 and 1.1130 back on the radar.
GKN PLC – MT Corrective Structure Below Key Resistance (4h chart)
The price action in the British automotive and aerospace components company has recently broken through a key S/R zone (339.50 – 342.50) and formed a MT corrective structure right underneath the zone, rendering our MT bias bearish.
Weak pullbacks into the top of the corrective structure at 336.50, alternatively into the key resistance zone can offer possible with trend trade opportunities.
To the downside, we have supports coming in at 324.00, 313.00 and 303.00.
Only a strong daily close above 342.50 would negate our MT bearish bias.
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