Trading Setups / Chart in Focus:
EURUSD – Euro/dollar ends day unchanged; looking for buy signal from support
The EURUSD ended today basically unchanged after moving lower early in the session and then paring losses into the NY close. We’ve now had two consecutive rejections of support just above 1.3300 and more aggressive traders might already be long. However, we are being more conservative here and waiting for a definitive price action signal to provide us with a long entry into the market. Thus, as of now we are waiting for an obvious buy signal to form in the key support area between 1.3300 – 1.3270. We can also keep our eyes peeled for a false break of that support area next week which could then lead to a push higher. A decisive close below 1.3270 would likely mean that more downside movement is in store however, with the next key support seen near 1.3170.
GBPUSD – Sterling/dollar ends a big down week on a quiet note
The GBPUSD consolidated today after a large move lower this week. We have two potential scenarios to look at for next week. The first scenario is watching for an obvious buy signal from key support if the market keeps falling lower next week. The key support levels to watch are down near 1.5390 and then further below that down near 1.5270. If the market rotates higher next week, we can watch for price action sell signals forming up near 1.5760 resistance to trade back in-line with the downtrend.
Potential sell-scenario for next week on the GBPUSD:
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