Trade Ideas: EURUSD: Waiting For Sell Signal Under 1.1180 Resistance & Crude Oil: Looking To Sell The Bounce Around $57.50 to $60.30 Resistance – September 4th, 2019
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EURUSD – Looking To Sell Short Whilst The 1.1180 Resistance Level Holds Firm
Relevant Key Levels: Resistance at 1.1020, 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.0805.
Price Action: A bearish Pin Bar forms at recent swing low (not trading as counter-trend signal). Price breaks and closes below 1.1020 late last week, activating a bearish continuation. Event area resistance exists where a prior Pin Bar + Inside bar combo pattern had broken down from around the 1.1180 to 1.1280 resistance range.
Current Notes: If we break below 1.1020, the door can open to a significant move lower. The short term bias remains bearish as prices remain contained below the overhead 1.1180 resistance.
Potential Trade Idea: We will consider selling short on any substantial bounce or from a bearish price action sell signal whilst price remains below the 1.1180 to resistance area (prior event zone resistance).
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
CRUDE OIL – Looking To Sell Short Into Any Short Term Bounce To Around $57.50 to $60.30 Resistance Area.
Relevant Key Levels: Support at $50.00 to $51.20, $54.00 to $55.00. Resistance $63.50, $60.30, $57.50.
Price Action: A Bullish Pin Bar formed (not trading as counter-trend signal). Over the past week, price tested the $57.50 resistance area and sold off once again. A bearish Pin Bar formed right under $57.50 resistance recently leading to a strong sell off. Price had re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower several weeks ago.
Current Notes: The bias is still very bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $57.50 to $60.20 resistance major zone.
Potential Trade Idea: We will consider selling short on any retracement higher whilst price remains below the $57.50 to $60.20 resistance area (market moved into this key resistance area recently and collapsed), targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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