EURUSD – SPOT
Price Action: Price exploded higher from the recent Bullish Pin Bar Signal that had formed just under the prior short-term resistance range.
Price broke and closed above the 1.1383 – 1.1422 prior short-term resistance range, which has shifted the short-term momentum to bullish.
There is a key resistance range at 1.1622 – 1.1702.
Potential Trade Idea: We are considering buying on a retracement lower and after a price action buy signal, whilst price holds above the 1.1383 – 1.1422 short-term support zone.
NOTE – You can trade Spot EURUSD via the trading platform we use HERE.
GBPJPY – SPOT
Price Action: Price just broke slightly higher from the recent Inside Bar pattern that formed 3 days ago, but we are yet to see any follow through to higher prices. The Bullish Multi-Bar Fakey Setup that commenced 3 days ago triggered an entry above the mother bar high overnight, but price did not close above this level or experience any upside movement yet.
The short-term trend remains bullish and the 156.06 short-term support level remains intact.
Potential Trade Idea: We are still considering trading the potential Bullish Multi-Bar Fakey Setup, If price breaks out above the Mother Bar high (We are expecting a large move higher if price breaks out).
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.