Hello guys, welcome to this weeks market analysis where we cover the setups that we are looking at for the upcoming week.
Weekly trade ideas and analysis:
Last week we saw some crazy EUR strength. Price made a giant move up and almost all the EUR pairs formed a potential setup. If the strength continues through the next week, we’ll be looking to trade with it. Here is how;
On our first EUR pair, we saw the price broke a resistance area the previous week, now we are looking for the price to make a pullback back into that area. If we get that, we will look for a trade long. The area also aligns with the 0.5FIb level.
We won’t look for short trades from the resistance area that the price is currently at, because of the previously mentioned bull strength. It would be a risky trade. The same applies to all the other EUR setups.
Here we are waiting for a break and a close above the resistance area and a pullback for a potential trade long. Again, we won’t look for a short trade from the current resistance area, because of the previous week’s bullish strength.
Similarly to the previous pairs, we are looking for a pullback into the support area and a potential trade long from it.
Same story here. We are looking for a pullback into the resistance area and a trade long from there.
On this pair as well, we are waiting for a pullback into the support area and a potential trade long.
Here we are again looking for a pullback back into the support area for a potential trade long.
On this pair, we see the price approached the resistance area and already started rejecting it the previous week. We’ll wait to see the price action on Monday. If we get another rejection candle, we’ll enter a trade short.
Similar to the previous GBP pair, we are looking for a trade short from this resistance area. The price has been rejecting the area with long wicks throughout the previous week. We’ll be looking for an entry after we see Monday’s candle.
We see price broke the support area and is making a retrace. We are seeing indecision on the area. Again, we will look to see what Monday’s candle shows us before entering a trade.
Note: We are seeing multiple setups with the same currency. We recommend that you either only enter one of them or split the risk among them.