Weekly Price Action Setups & Key Levels | Jul 31 – Aug 5
My Current Active Open Trades: AUDUSD (option), EURUSD & EURGBP
EURUSD – Small Corrective Structure & Inside Bar at Range Top (4hr chart)
After spending about a month between 1.1156 and 1.0925, the Euro got heavy on the bid last week closing above 1.1156 for the first time in 30 days.
To end the week, the price action formed a small corrective structure between 1.1156 and 1.1185. The weak CT presence from the bears in the order flow and price action suggests a solid chance of a break higher.
Should this play out, I think it would be workable to consider a ST RRL if the price action looked underpinned.
Upside the 1.14 barrier is a target for bulls while bears will likely be looking to place shorts around there.
Silver – Large Corrective Structure, Breakout Scenario Likely (4hr chart)
Since our last market commentary, we’ve been bullish on silver and expecting further upside. The key level at 19.25 held as support a 2nd time communicating the base for the bulls MT.
For now the price action looks like it’s building for an upward breakout. A daily close above 21 is needed for this with upside attention turning towards the 23-34 resistance zone.
Meanwhile I’m maintaining a bullish bias while above 19 on a daily closing basis.
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