Weekly Price Action Setups & Key Levels | Jun 11 – 16
My Current Active Open Trades: NZDJPY, EURNOK, EURPLN, USDMXN, CADMXN, XAUTHB, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
WTI Oil – Close to Key Support (Daily chart)
After two weeks of bearish price action, WTI Oil is closing in on a key support level @ 43.00 with only a minor support (45.00) standing in the way.
It is IMO more likely we’ll witness some profit taking from the bears if this level is reached soon, so we’re expecting a decent reaction from here.
If the key support holds, the first point of attack will be 45.00 & 47.00. However, a failure of the level would open up for further technical selling towards 40.00.
EUR/GBP – At Major Resistance (Daily chart)
Having the major resistance level at 88.50 on our radar since mid-March, price has now arrived at the level and we witnessed a strong reaction from it during Friday last week.
The coming week will show if there will be a follow through by the bears on this rejection or not.
If the answer is yes, the first support that would likely be attacked by the sellers is 86.50/86.75, followed by 85.00. If we however get a daily close above 89.00, we will most likely see a move towards 90.00.
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