Weekly Price Action Setups & Trade Ideas | Nov 18 – Nov 23

Verified Profitable Trader

Chris Capre’s current open price action and ichimoku trades: EURUSD, GBPUSD, USDMXN, BIR, TLS

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EURUSD – Broken Below Multi-Year S/R Zone (Weekly chart)

Price Action Context

After a break below this key support zone in August, sellers were not able to stay in control which resulted in a false break. This was followed by several weeks of tight consolidation above the zone before sellers made a comeback and slowly chewed their way through the support again. Last week closed well below the zone and if sellers can stay in control, a bigger move south is very likely IMO.

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Trending Analysis

LT bias is bearish and bears can look for possible trading locations using lower time frame structures to get involved in a potential continuation lower.

Key Support & Resistance Zones

R: 1.1400 – 1.1580
S: 1.0350 – 1.0530

Stay tuned to the members market commentary for updates.

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EU50 – Holding Below Weekly Support (Weekly chart)

Price Action Context

After the break and close below the weekly support in early October, for now, bears have been able to keep the pressure up and hold price below the S/R zone.

eurostoxx-50-technical-analysis-trading-2ndskiesforex

Trending Analysis

With this being a key support level, the break below changed our bias to bearish and bears interested in shorting this index can look for possible trading locations on weak pullbacks into the zone. If on the other hand a break and close back above the SR zone would open up for potential moves towards 3660 and could present bulls with potential trading opportunities.

Key Support & Resistance Levels

R: 3215 – 3280
S: 2655 – 2780

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WTI – Broken Through Multiple Key Supports (Daily chart)

Price Action Context

After being heavily rejected off the multi-year resistance we mentioned in previous commentaries, the commodity has sold off massively and cleared multiple key supports in a short period of time.

WTI-oil-trade-ideas-2ndskiesforex

Trending Analysis

MT our price action context has changed to bearish after the break and close below the key support at ~63.60. Non-volatile price action from early October with the current corrective pullback looking very weak, opening up for potential shorting opportunities around the lower key resistance. A break and close above 59.00 would put 63.60-64.90 back on the radar.

Key Support & Resistance Zones

R: 57.50 – 59.00
S: 54.00 – 55.25

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