Welcome in the first part of Price Action Setups For The Week Beginning. Today and tomorrow (Sunday) at 11:00 (CET) we will closely look at the most important currency pairs before the sessions in biggest exchanges will start again after the weekend. Here we go:
I paid attention to that concrete pair and the possibility of increases after re-challenge the resistance in Friday morning review. In H4 we see such re-challenge and really long candle, in which another are contained. You could set a buy stop order just above the candle maximum and the stop loss below. Friday’s closing price is almost exactly in the same place. Recent momentum is growth-like so looking for longs will be profitable.
On Friday, Eurodollar was able to broke through the 21 daily EMA and now we have to wait for the nearest resistance zone test and look for a sell signal there. It can go other way – go back to the support and then we will be able to search buy signal and long positions. Of course if any of these levels will be permanently taken over than the situation will change dramatically.
A pair showed a clear buy signals and no matter how you would like to trade it, using the Price Action technique you should have open long positions. If someone is late, we recommend to look for opportunities to catch new longs in the case of downward corrections.
Once again Gold is approaching the key resistance level. Sell signals still can be used to open shorts, but so slight declines after level re-challenging increases the probability of breaking it through.
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