Weekly Price Action Setups & Trade Ideas | Jun 17 – Jun 22
Chris current open positions: GBPCHF, EURCHF, EURGBP, PLUS, BIR
EURGBP – Back at ST Support After Strong Selling (4h chart)
The MT resistance we covered in our daily trade ideas on Monday was well defended by the bears who after a few attempts by the bulls to push through, did send price back to the ST support zone (0.8710 – 0.8730).
As mentioned in our mid-week quiz conclusion this ST support is located right above a wider MT support zone (0.8665 – 0.8700) and IMO, both can offer solid potential trading locations to bulls, depending on aggressiveness and holding time, with closest resistance being 0.8820 – 0.8840.
A break and close below both the key support levels could open up more downside, potentially all the way down to 0.8350.
Stay tuned with the members daily trade ideas for updates.
USDNOK – MT Support Held, Testing MT Resistance (4h chart)
The MT support level mentioned in the mid-week commentary held like a brick wall and buyers did sent price 1800 pips higher in just 2 days’ time.
Congratulations to those members that were able to profit from this rapid move as we discussed this possible trade setup ahead of time.
Price is now again testing the MT resistance @ 8.1415 and bulls that missed the last move can look out for a potential BOPB setup at this area with next resistance coming in around 8.3250.
Keep up with the members daily trade ideas for updates.
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