Let’s start with today Price Action Setups review:
Currency pair rallied on yesterday session and broke through resistance line with high vengeance. The current momentum is undoubtedly growth-like and a return to the 1.0730 level will be perfect for opening long positions – of course if we will see there any kind of PA buy signal (e.g. Pin Bar, Fakey or Inside Bar).
A clear breakdown on EurOdollar. The most important thing now is to maintain price on the support – breakthrough will give much deeper declines. However, if the price will bounce from it forming a clear buy signal, we may consider opening long positions aimed at the next resistance 1.3700.
The currency pair stopped on support line – slightly above it. A buy signal here indicates opening a long position in accordance to a long-term upward trend.
British Pound to Japanese Yen is struggling to keep up above the strong support that has been tested already 3 times in January. Every time defending of this level results with dynamic upward rally – but every time those moves are getting smaller. This can prove the weakness of currency and a possible breakthrough that level. Nevertheless, the trend is clearly upward, and a transparent buy signals should be used to open longs.
Analysis made by STP Broker – HotForex
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