Hello Traders,
How was last week for you in the market?
I had my best trading week of the year last week. The EUR/USD, XAU/USD, and GBP/CHF analysis I shared went very well. I hope you also traded them?
This week we will continue from where we stopped last week. We will be looking at reversals and pullbacks in the analysis we shared last week.
Let’s hit the charts:
1. EUR/USD
EUR/USD broke the 1.20567 support level last week as we speculated, only for price to reverse at support level 1.19579.
This week I will be waiting to see what will become of the once strong support level that has now become a resistance level (1.20567)
A breakout may encourage the bulls to take price back to resistance level 1.21352, and if the resistance level stands its ground, price may return back to support level 1.19579
2. USD/CHF
Last week after price on the USD/CHF broke the 0.89838 level, there was a pullback after price hit the 50% Fibonacci retracement level (0.90388).
If we are to take this trade, my advice would be to see if price will either break the 0.89838 support level before we sell, and our possible target would be support level 0.88651 or
We wait for price to hit a new high, above the 0.90388 level, before we place a buy (or another buy), and our target would be 0.91504
3. XAU/USD (GOLD)
Gold just like the EUR/USD, closed the week with a reversal.
I will be waiting to see price next reaction after hitting the key resistance zone. If we do get a breakout, then our next possible resistance level would be 1873.99
A reversal of price after hitting the resistance zone is also possible. If that happens, 1787.87 will be our next possible target
what say you?
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