Nial Fuller is professional forex trader specializing in price action trading. He has become one of the most widely followed Forex Trading mentors in the world with a monthly readership of more than 250,000 traders. Learn to trade the market provides professional forex trading education & training courses. Get forex trading commentary, videos, articles & more.
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The EURUSD moved sideways to slightly lower last week, within the trading range structure we have been discussing in recent commentaries. We remain bullish on this market as the overall trend is up and price is trading above key support levels still. Traders can watch for a pull back into 1.2200 - 1.2160 support area this week and look for price action buy signals there or slightly above to get long. However, failure at that support would open the door for larger decline into 1.1900 area and would temporarily nullify our bullish bias.
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The EURUSD rotated lower late last week following a push higher in the first half of the week. Price bounced off of 1.2160 - 1.2200 key support zone the week before last as this market is oscillating in a large range between 1.2160 - 1.2200 support and resistance up near 1.2540. Traders can continue to look to buy weakness near the aforementioned support zone on a 4 hour or daily chart buy signal, targeting resistance levels overhead.
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Gold has been trading above key support near 1300.00 area in recent months, bouncing higher from it on recent pullbacks. Price hit that support zone again late last week, forming a nice looking bullish pin bar reversal there on Thursday. This substantial pin bar at key support near 1300 - 1308 could lead to higher prices this week so it's something for traders to take serious notice of. Price is in a trading range, oscillating between 1300 support and resistance up near 1360 area, so currently we are near the bottom of the range at strong support with a clear signal to potentially buy and target the upper end of the range. Any move under 1300 / low of the pin bar would temporarily nullify our bullish view.
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The EURUSD rotated down from 1.2520 key resistance last week, consolidating into the week's close. This market is still in an uptrend overall but we are currently in a period of sideways / trading-range movement where price is oscillating between support and resistance, as seen below. Price is trading above key support near 1.2200 - 1.2160 still and we remain bullish whilst above that support this week. Traders can look for price action buy signals this week within or just above that 1.2200 - 1.2160 zone. Stay tuned to our daily members market commentary for on-going updates on the EURUSD.
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The EURUSD moved higher last week as price rebounded following a decline to 1.2200 area the previous week. Notice the false break of key resistance up near 1.2520 that occurred last Friday, this pullback could continue this week as this is a formidable resistance level having give rise to a pin bar reversal a few weeks back. However, the uptrend is still intact and so we are continuing to view any downward pullbacks as potential buying opportunities near support. We will look to be a buyer at or near 1.2200 near-term support or possibly the 21 day ema (blue level) following a clear 4-hour or daily chart price action buy signal.
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