EURUSD Weekly Setup
Happy Monday, traders!
Skimming through some charts first thing this morning, the EURUSD weekly jumped out with a couple of potential setups occurring.
Consider the chart below:
What we’re seeing here is a clear level of demand (blue) and a tested level of supply (pink), which have both been tested a few times over the past couple of years. Interestingly, we’re also seeing the potential formation of a Head & Shoulders pattern. Whilst it’s early days for our H&S, the completion of such a pattern would add significant probability to the downside.
It’s also worth noting that failed H&S patterns can be just as strong at indicating a reversal setup.
Traders could play this a few ways… we could potentially see price bounce strongly off our demand zone, in which case a solid bounce should occur; or, we could see a failure of our demand zone, resulting in a further significant decline; or, we can await to see if our H&S pattern plays out.
Either way, confirmation is needed before actioning any of the above setup ideas.
As always, trade safe folks.
Fast & easy account opening
-
Register
Choose an account type and submit your application
-
Fund
Fund your account using a wide range of funding methods.
-
Trade
Access 300+ CFD instruments across all asset classes on MT4 / MT5
That's it, it's that easy to open a Forex and CFD trading account.
Welcome to the world of trading!
open live account
About us
Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares, and Cryptocurrencies.
With more than 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 staff across more than 30 global offices.
Vantage is more than a broker. It provides a trusted trading ecosystem that enables clients to achieve their own success, in a faster and simpler manner.
Be empowered to better capitalise on winning market opportunities when you trade smarter @vantage.
