Weekly Price Action Setups & Key Levels | Jul 3-8
My Current Active Open Trades: EURUSD, EURGBP, AUDUSD (vanilla option), TSLA, EuroStoxx 50, VXZ
NOTE: Monday in the US is the July 4th holiday which means all US banks will be closed and the US session will be super tame. Asia tomorrow should be slow so most of the liquidity will come the following London open.
EURUSD – Long Corrective Pullback, Looking to Sell (1hr chart)
Since the Brexit sell-off, the EURUSD has been in a week long corrective pullback. This price action context suggests the next impulsive leg is down, so I’m looking to sell.
The first resistance level is just ahead around 1.1169 while the next major resistance comes in around 1.1233. I’m remaining bearish while above 1.13 on a daily closing basis. Downside I’m expecting a move towards 1.10, with potential scope for a move towards 1.0575.
Euro Stoxx 50 – Attempting to Close the Brexit Gap (daily chart)
After a massive ~400 point gap down after the Brexit vote, the Euro Stoxx 50 has rallied 4 of the last 6 days gaining back 250 points in the process. ST the momentum is bullish, but there are headwinds ahead with 2919 acting as the next major resistance level and 2990.
ST I’m bullish while MT bearish so both sides to play here. Bears will want to stay bearish until a daily close above 3000. ST bulls will want to watch 2919 heavily, with a break there attacking 2990.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book