EURUSD – Bear Trend Still Intact, More Downside Available
Selling off 4 days in a row to end last week, the bear trend is still in play and more downside is available The overall trend is relatively ‘stable’, meaning it’s not too volatile, so mild to medium pullbacks are suggested to get short.
(NOTE: To learn about volatile and non-volatile price action trends, click on the link)
I’ll look to sell on a corrective pullback into the role reversal level near 1.2855 or just below. If this level holds, then 1.2566 becomes the first downside support, while 1.2500 and 1.2460 are the next targets lower. So maintaining a bearish bias short term while below 1.2855.
USDJPY – Support Level Holds for Profit on 2nd Trade Setup
Last week I shared a live trade setup on the USDJPY for a +90 pip profit and +3R buying off support at 108.30. I talked about the 108.47 being key support for bulls in that commentary. I bought it again on Thursday evening at this level and exited +55 pips later for another +3R profit in just a few hours (5m chart below).
For private members, I’ll be sharing a new trading video discussing this live trade setup and more in the next few hours so stay tuned.
I’m maintain this bullish bias and will look to buy on pullbacks into support. If the pair can have a 4hr close above 109.45, then look for a breakout pullback setup to get long, targeting 110 and 110.60 (1hr chart below). Only a daily close below 105.30 will negate my bearish bias.
In this week’s private members weekly commentary, we also talk about the GBPUSD attacking the yearly lows, the GBPJPY buy and sell opportunities, the EURGBP at a key support levels, along with the potential for continued USD strength. To learn about becoming a member and make trades just like this, click here.