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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar weakens as sellers take control
The EURUSD fell significantly lower last week as sellers came into the market and pushed price below support at 1.1660, closing well below that level on Friday. Considering this bearish (weak) price action, we are taking a more bearish bias on the EURUSD and as a result we will look to sell whilst prices are below the previous swing-high at 1.1860. Traders can look to sell on a retrace to the upside whilst below 1.1860 ideally on a 4 hour or daily chart price action reversal pattern.
GBPUSD – Sterling/dollar remains buoyant above key support
The GBPUSD consolidated last week and stayed above key support at 1.3025 despite widespread weakness in the other major USD pairs. Last week, price moved barely beyond the daily pin bar low from October 20th before recovering into the close on Friday. We could still see price turn higher from here because when we zoom out we can see prices remain above key long-term support at 1.3025. As a result, we remain mildly bullish on this market and we will watch for 4 hour and daily chart buy signals this week near swing support at 1.3025. However, if price closes below 1.3025 the potential for more downside opens up and we would not be holding any buy positions at that point.
Crude Oil – Crude Oil surges higher
Crude Oil surged higher late last week as the recent uptrend continued with price closing well above 52.65 resistance. This upside breakout is in-line with our recent discussions of looking to buy a pullback and targeting upside near 52.00. We continue our bias of looking to buy in the short-term and will look to get long / buy on a signal this week whilst above 51.00 – 52.65. Support is now seen at 49.30, 51.00 and 52.65.
S&P500 Index – S&P500 hits new highs again
The S&P500 is in a very strong uptrend, as we have been talking about for months, and it hit new all-time highs again last week. This latest move higher came after a bullish pin bar signal last Wednesday, which we discussed in our members area last week. This week, our plan of action is to look to buy on a 1 hour, 4 hour or daily chart price action signal as that view has paid off recently. Traders should watch the lows of last week at the pin bar low of 2540 and look to buy near or above that level on a signal.
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.