Weekly Price Action Setups & Trade Ideas | May 27 – Jun 1
Chris Capre’s current live open trades: EURJPY, XAUUSD, BIR
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EURAUD – MT S/R Held on Re-Test, LT Support Likely Next (Daily chart)
As highlighted in our daily trade ideas earlier this week, the EURAUD impulsively broke through a MT support level. After a brief re-test of the level, the journey south continued.
Congratulations to all the course members who were able to take advantage of this trade setup as many of you posted. This was a solid ST trade opportunity and those able to catch the re-test should be in good profit by now.
A continuation down towards the LT key support level is very likely, a support that should be of interest to LT bulls as it can offer good trading locations to go long this pair IMO with the first resistance being 1.5600, followed by 1.5770.
ETHUSD – Testing LT Support (Daily chart)
The LT resistance level @ 800.00 which we mentioned in our market commentary on the 5th of May held and Ethereum is now back at the LT support level at around ~570.00.
On the HTF, bullish interest looks slim for now but on the LTF there is a minor false break setup visible, so short term, bears are being challenged by the bulls. If the support holds and bulls come back with force, a move back up towards 800.00 is not unlikely IMO.
A failure of the support on the other hand would open up for further selling towards 490.00 and 390.00 in extension.
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