Trade Setups For This Week: EUR/USD, GBP/USD and S&P500, August 29th, 2016

EUR/USD – euro/dollar falls from key resistance area

We can see in the chart below that a large bearish reversal took place on Friday in the EUR/USD, showing that price is respecting the upper-boundary of the long-term trading range we have discussed in recent commentaries. This reversal could signal that prices are ready to fall further, back down to support levels. So, this week we can look to sell this pair on any temporary strength whilst prices remain under 1.1400; watch for 1 hour, 4 hour or daily chart sell signals to get short on any retraces to the upside.

GBP/USD – sterling/dollar forms price action sell signal

You will notice a small bearish fakey signal (reversal signal) formed in the GBP/USD on Friday as bears came back into the market just below key resistance up near 1.3375. We can look to sell this pair this week following the bearish fakey from Friday and whilst prices are contained under 1.3375, in line with the long-term downtrend.

S&P500 – S&P500 pulling back to key support areas

In the S&P500 last week, prices rotated lower following multiple weeks that saw prices slowly drifting higher. This market is still obviously in a strong uptrend so our bias is not changing here. We will be looking for price action buy signals this week near 2150.00 and really all the way down to 2105 support if we get further weakness, in order to rejoin the uptrend from value.

This article was written byNial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com