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Trading Setups / Chart in Focus:
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EURUSD – Euro/dollar weakness continues
The EURUSD has fallen lower since we last discussed it. Bears are clearly in control still and we want to continue looking for price action sell signals on the 1 hour, 4 hour or daily charts on any rotations back up to resistance levels. The next key support is not seen until down near 1.3300.
GBPUSD – Sterling/dollar retracing lower
The GBPUSD fell lower again today after rejecting higher prices earlier in the session. Overall, we still see this market as retracing lower within the broader / weekly uptrend. If price moves back down to key support near 1.6920, we would watch for a long entry near there, possibly blind buy entry or price action buy signal as we discussed in this week’s weekly price action forecast.
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