Gaining for 6 of the last 8 days, the bull trend continues for the Euro. However, the momentum has been weak as of the last 3 days only gaining 30 pips over that time on a closing basis. Most of the gains over this last 8 day run has been over two days, being responsible for 230 pips of the last 300. Price is sitting just below key multi-year resistance at 1.3833. Bulls can either look for corrective pullbacks towards 1.3700 to get long, or on a breakout pullback setup above 1.3833 likely added fresh buyers to the uptrend which is looking quite mature.
GBPUSD – 100 Pip Range at Key Resistance
Although its rejected 5x off the key level at 1.6250, the GBPUSD has been consolidating at the highs within a 100 pip range just below this resistance. With the lows of late slightly building to the upside, we favor an upside breakout soon. Intraday bears can look for shorts at the 1.6250 level, targeting 1.6200 and 1.6160. Bulls meanwhile can look for a range play off 1.6150 or wait fora 4hr close above 1.6250 before getting long.
SPX 500 – Bull Trend Still Thumping
Up over 1000 points from the Oct lows at 1650, you’d think the major US index would be slowing down, but the bull trend is still thumping along. Since the 10th of this month, the S&P 500 has been holding above the 4hr 20ema and dynamic support without a close below, showcasing strong momentum. Even last week the index formed three pin bars off the 20ema while putting pressure on the 1760 short term resistance.
Bulls can look for a pullback to the 4hr 20ema for a potential long, or wait for a 4hr close above the 1760 for the next leg up. Upside targets are 1770 and 1796 while bears will want to wait till those upper levels before considering shorts. Until 1740 is breached, the bull trend remains intact.
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Weekly Price Action & Technical Analysis Outlook
Published 10/28/2013, 02:24 AM
Updated 05/14/2017, 06:45 AM
Weekly Price Action & Technical Analysis Outlook
EURUSD – Still Bullish – Needing Fresh Momentum
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