Weekly Price Action Setups & Trade Ideas | May 5 – May 10

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Chris Capre’s live open price action and ichimoku trades: EURUSD, GBPUSD, EU50, SUI 20, INR.FR

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EURGBP – Heavy Selling Towards MT Key Support (4h chart)

Price Action Context

After a double top at 0.8680, which made has made us adjust our MT key resistance area, bears stepped in with force and pushed price all the way down to the MT key support level within 1,5 week.

eurgbp-forex-key-support-2ndskies

Trending Analysis

LT & MT bias is bearish. If bulls are able to defend this MT support, it’s likely we’ll see another attack on 0.8680. A failure of the zone on the other hand would open up a solid amount of downside potential and put the LT key support at ~0.8330 into focus.

Key Support & Resistance Zones

R: 0.8660 – 0.8680
S: 0.8470 – 0.8505

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USDNOK – MT Corrective Structure @ Multi-Year Resistance (XXX chart)

Price Action Context

The USDNOK is trading within a MT corrective structure below a major multi-year resistance, with solid rejections from both extremes of the structure, which was preceded by a LT bullish UVT.

usdnok-forex-trade-signals-2ndskies

Trending Analysis

Whilst aggressive bears might be open to look for bearish CT plays around the multi-year resistance, more conservative traders can look for potential bullish trading opportunities on pullbacks towards the MT support in line with the LT & MT bias, which both are bullish. A break and close above 8.82 would initially open up for a potential continuation towards 9.00.

Key Support & Resistance Zones

R: 8.72 – 8.82
S: 8.40 – 8.46

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IBEX 35 – ST Corrective Structure Above Wide LT Support (Daily chart)

Price Action Context

After breaking back above a wide LT resistance, the index is currently holding steadily above and trading within a ST corrective structure.

ibex-35-spain-technical-analysis-2ndskiesforex

Trending Analysis

The break above this LT S/R zone changed out LT bias back to bullish. Bulls wanting a high entry probability with lower profit potential, can look for potential trading opportunities around the upper part of the support zone whilst those wanting a higher profit potential can instead look for potential long plays around the lower part of the support zone.

Key Support & Resistance Zones

R: 9 870 – 10 000
S: 9 100 – 9 440

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