EU, GU and GJ all rallied last week as I suggested they might in the previous article. This week these pairs are still on the radar but this time for shorts.
EURUSD – Short
After a big rally from daily demand, the next trade for me at the moment is short from the supply in the chart below: Price has reached a potential turning point but for me does not qualify as supply so I will be waiting for the marked level.
GBPUSD – Short
GU hit supply which it has turned from once before and has already begun to fall again. There is still room for price to fall further to the downside so that’s what we’re looking for this week with confirmation from the lower time frames.
GBPJPY – Short
Price hit the supply that I mentioned last week and has fallen away nicely. This too has room to fall further so we’ll be watching for that this week.
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