Weekly Price Action Setups & Trade Ideas | May 3-8

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Forex Trade Idea: EURMXN – Corrective Structure At Top, Looking For Breakout (daily chart)

Price Action Context

The EURMXN forex pair has been consolidating in a corrective structure near the top of the trend since late March, so over a month now.

I’m suspecting a breakout is coming soon, more likely to the topside, so am looking for a breakout trade.

eurmxn forex pair 2ndskies trading

Trending Analysis

ST neutral inside the corrective structure, but MT bullish while above 25 on a daily closing basis.

Key Support & Resistance Levels

R: 27.21, 27.90

S: 25.25, 23.90

Stay tuned to our members market commentary for updates.

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Index Trade Idea: S&P 500 Showing More Signs Of Weakening (daily chart)

Price Action Context

After an impressive low volume bounce since late March from sub 2200 to almost taking out 3000, the S&P 500 has started to show some signs of weakness in the price action.

Of particular note is how the 2nd leg high (unlike the first) did not hold on a pullback and thus broke to end last week.

Still, the S&P 500 needs more technical weakness to call this run over, and breaking below the 20 EMA & dynamic support would further add to this case.

s&p 500 trade idea 2ndskies

Trending Analysis

ST bearish while below 2890 on a daily closing basis, but MT bullish until daily close below 20 EMA.

Key Support & Resistance Levels

R: 2885, 2960

S: 2788, 2630

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