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Weekly Forex Trade Setups Ideas by Nial Fuller – May 28th to June 1st, 2018
EURUSD – Euro/dollar continues to lose ground in downtrend
The EURUSD fell lower again last week as the downtrend that has been in place for about the last month, continued. We are looking to trade in-line with this downtrend this week, so our plan of action is to look to sell strength / retraces higher whilst price is contained below key resistance. Traders can watch for price action sell signals this week up near 1.1822 resistance or the 21-day ema (blue level) to get short, in-line with the downtrend.
USDJPY – Dollar/yen remains above key support area
The trend is up in the USDJPY after a strong break and close above 107.80 several weeks back. Price rotated lower late last week, within the uptrend, and is now approaching the key support area between 108.60 – 107.80. This week, we are looking to buy within that support area on a price action buy signal on the 1 hour, 4 hour or daily chart time frame, to get long and trade in-line with the uptrend. We remain bullish whilst above 107.80.
Oil – Crude Oil rotates lower but uptrend intact
As we have discussed in recent months, the Crude Oil market is and has been in an uptrend for several months now. Last week, price rotated lower / retraced lower within this uptrend, and we are viewing this pull back in price a strong potential buying opportunity to get long, in-line with the trend. Support is clearly down between 66.60 – 65.60 area and we will look to buy near there this week, ideally on a price action buy signal on the 1 hour, 4 hour or daily chart chart, however, more advanced traders may consider a blind entry this week near the support area. The chart structure remains bullish.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn to Trade the Market, the world’s foremost trading education resource.