Weekly Price Action Setups & Trade Ideas | Jul 22-27

Verified Profitable Trader

Chris Capre’s current open trades: EURCHF, BIR, PLUS, TLS

EURUSD – Corrective Structure Bottom Still Holding (daily chart)
After attempting to hit the 1.15 major support level and structural lows, the Euro found strong buying interest late last week barely touching 1.16 before launching 100 pips higher.

MT the corrective structure is still in play with bulls defending the 1.15-1.16 key support zone while bears wanting to avoid any daily closes above 1.18.

For now we’re trading both sides until the corrective structure is broken.

Breaking 1.15 on a daily closing basis = IMO a move much lower as technical stops will likely have been tripped. Meanwhile if bulls can cross 1.18 and 1.20, then the next likely upside is towards the 1.24 handle.

Stay tuned to the members daily trade ideas for updates

eurusd corrective structure support 2ndskiesforex

USDJPY – Sells Off Impulsive Just Before Key Resistance Level (daily chart)
After forming a breakout structure just above 111 last week, the USDJPY was gunning for the key resistance level at 114 before selling off impulsively losing almost 200 pips in the process.

111 might hold for a day trading setup, but beyond that, 108 is the most likely area to attract solid buyers. Meanwhile I’ll definitely be looking to play both sides, particularly selling near 114.

Stay tuned to the members daily trade ideas for updates.

key trading range 2ndskiesforex

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