Weekly Price Action Setups & Trade Ideas | Jun 5-8
Chris Capre’s Open Trades: EURUSD, EURCHF, USDJPY, USDPLN EUSTX 50, BIR
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EURUSD – Strong Bounce + Corrective Structure. Bottom in Place? (4hr chart)
After losing almost 8 handles since mid-April, the EURUSD is attempting to put a bottom in place. The pair had its first counter-trend impulsive move, which has been followed by a corrective structure at the highs of that move.
Thus far, the price action is starting to show signs of a bottom, which I feel is (for the most part) in place. The pair will need to clear 1.1750+ before adding some technical confluence to the picture.
Meanwhile any selling pressure will likely re-attack the low 1.15’s before finding buyers again.
Stay tuned to the members daily trade ideas for ongoing updates.
USDPLN – False Break Setup in Play (daily chart)
After launching over 3 big figures during the April – May USD rally, the USDPLN cleared a key resistance level in 3.69 that it hasn’t broken since July of 2017. However after immediately breaking through the resistance level, the pair found immediate sellers, forming a counter-trend impulsive move, suggesting possible exhaustion in the price action.
Since then, the pair has broken back below the key resistance level, forming a false break setup.
As long as the pair holds below 3.70, the false break setup holds with potential downsides being 3.54, 3.45 and a sub 3.4 print.
Meanwhile any break and daily close above here would put the recent highs just above 3.75 on deck.
Check back frequently with the members daily trade ideas for updates.
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