EURUSD is losing ground again as it did on Friday after last weeks huge explosion higher from the 1.2750 key support. This market is currently trading in a range between support at 1.2750 and resistance near 1.3180-1.3200. If the market continues higher early in the week and moves up to re-test that resistance, watch closely for a 4 hour or daily price action sell signal to trade from. If it goes down today and closes breaks below Friday’s low, it forms one of the signals I’m learning and could drop significantly lower.
The GBPUSD on the weekly chart above this market had a huge upward move week last week as it pushed up from key support at 1.4800-1.4830 area. Despite the surge higher last week, this market has lost significant ground, and the momentum is still bearish and this market could indeed stall at resistance and continue lower in-line with that previous downtrend soon. The daily chart below shows a similar signal forming, and if the price breaks below Friday’s low, it’s a signal according to the course I’m doing.
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- Weekly Market Technical Analysis Outlook – July 15th to July 19th 2013 Weekly Market Technical Analysis Outlook – July 15th to July 19th 2013 Weekly Market Technical Analysis Outlook – July 15th to July 19th 2013 EURUSD – Euro/dollar trapped in trading range The EURUSD lost slight ground on Friday after last Wednesday and Thursday’s huge explosion higher from 1.2750 key support.
- GBPUSD Market Update The GBPUSD surged higher yesterday, retracing up on the recent move lower. As you can see in the chart below the momentum is still bearish now and so we can look to trade in-line with this momentum by watching for price action sell signals from resistance. The main value or resistance area to watch for sell signals is up near 1.