Weekly Price Action Setups & Key Levels | Oct 15-20
My Current Active Open Trades: EURCHF, CHFJPY, EURRUB, FTS, TRP, REMX, XHB, FXo EURJPY, FXo EURPLN
EURJPY – Deeper Retracement Expected Before Possible Continuation (Daily chart)
The EURJPY has been trading within a well-established bull-trend since May this year.
ST we’ve seen a failed breakout of the ST corrective structure which then was immediately followed by 2 days of strong selling.
This to me suggests that the ST structure might fail to hold and I think we’re possibly looking at a deeper retracement into MT support around 130.60 where likely a fresh group of bulls will be waiting to enter the arena.
In order to advance further north, bulls will first have to clear 134.40 to open up for potential moves towards 135.30 and 136.70 in extension.
If 130.60 fails to provide support, 128.10 would be the next support in line.
Merck & Co (MRK) – Trading Within A LT Corrective Structure & Heading Towards Support (Daily chart)
After trending for the most part of 2016, $MRK has been trading between 61.20 and 66.80 since march this year, forming a large corrective structure with a wide support zone at the bottom.
The corrective structure looks stable with 3 touches on both sides with price action now heading back to the bottom, which IMO is a solid area to look for potential long opportunities in line with the LT bullish trend.
Closest resistance is obviously the top of this structure coming in between 66.40-66.80, followed by 69.50.
In case this structure fails to hold, next support is found at 58.50.
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