Weekly Price Action Setups & Key Levels | Jun 25-30
My Current Active Open Trades: AUDNZD, EURGBP, EURNOK, EURPLN, USDMXN, CADMXN, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
EUR/USD – MT Corrective Structure Still Holding Above 1.1130 (4h chart)
During the last 4 weeks, the EUR/USD has been trading within a ~150 pip corrective structure between 1.1130 & 1.1280.
IMO, the probabilities are in favor of another impulsive move following this impulsive/corrective structure, which would be in line with our commentary on the 4th were we mentioned that this pair is closing in on a major multi-year resistance.
To the upside, minor resistance comes in at 1.1280 and the major multi-year resistance is waiting at around 1.140/45.
To the downside, if this corrective structure should fail, we are looking at support around 1.0950 & 1.0860.
Buyers interested in this pair can look for possible trade opportunities on weak pullbacks towards 1.1130, alternatively a breakout-pullback around 1.1280.
Exxon Mobil Corporation (XOM) – Corrective Structure Still In Play (Daily chart)
We mentioned this stock in our commentary on the 4th and that a close back above 80.30 would result in a possible false break. This was exactly what happened and price traded back up to the upper end of the structure again.
Even though this was a high momentum attack on the upper end of the corrective structure, sellers were able to defend the level a fourth time which provided a good shorting opportunity for bears interested in trading this structure.
We are once again closing in on the lower boundary and the price action context is unchanged. We still think that this impulsive/corrective structure most likely will lead to another bearish impulsive move.
If this is the case and 80.30 gets broken, next supports are coming in at 78.80 and 75.50.
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