Hello Naked Traders.
Here below you can read my usual price action anaysis for the week ahead.
The price of eur/usd in recent weeks saw a strong rally that has pushed up the technical area of resistance — 1.3000. The level was broken but not held in weekly closing, forming a clear false break of resistance. On the weekly chart (see below) you can see a Bearish Pin that provides short pair opportunities. The targets are: 1,650 support & 1.2400 immediately afterwards.
On the weekly chart (see below) you can see how the price is set to have a lunge in the coming weeks of trading. In fact a price action signal strongly bearish comes just after a sharp collapse followed by a pullback of classic 50% retracement. You can then use the weekly chart to do a business that has a great risk: reward.
The weekly chart you see below clearly shows how the price of eur/jpy went to test the key level to 108.00 undergo a sharp sell-off that brought the pair to close the week at 106.60. For the next few weeks we will see a return of sellers that could push the price up to 104.50 & 103.00
On Gold daily chart of the yellow metal has a new trading opportunity. Very clear Pin on daily chart on the weekly support level. The possible business has an optimal risk: reward scenario and is thus worth considering as a possible short-term transaction for the week. The first resistance level is clearly at 1.735.00 $ area.
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