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EURUSD Weekly Setup

Vantage Published Updated Mon, July 30 10:45
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.

The information has been prepared as of the date published and is subject to change thereafter. The information is provided for educational purposes only and doesn't take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.