What a crazy week we saw last week! If you didn't catch the early sell-off, you might have had a harder time making some pips later in the week as we saw some major consolidation.
With the holidays just around the corner, will the consolidation continue? Here are some levels to keep an eye on this week!
After dropping early last week, the pair consolidated just above the 101.00 handle. A break of this level might signal a move all the way down to the 100.00 MaPs. Take note that the bottom WATR lines up just above this major psychological handle. If price were to drop all the way down to this level, it'll be interesting to see whether the bears will have enough momentum to break through into the 99.00 area.
- WO: 101.47
- Top WATR: 102.94
- Bottom WATR: 100.02
- PWH: 103.95
- PWL: 101.05
This pair has been edging lower over the past couple of weeks, posting lower highs and lower lows, so don't be surprised if it breaks through the PWL. Still, given the tight consolidation and the possibility that volatility could die down this week, don't expect the pair to make significantly new lows. If for some reason this pair rallies higher though, the top WATR at around 122.19 area would be a good area to keep an eye on, as it served as resistance in the past.
- WO: 120.89
- Top WATR: 122.19
- Bottom WATR: 119.59
- PWH: 121.78
- PWL: 120.29
On this pair, I'd wait to see if this pair can shoot off lower and set new lows. The pair found solid support at .8375, and a break of this level could open the floodgates for the pair to move all the way down to the bottom WATR. Up top, I'm looking at the top WATR as a potential area of resistance, as price reacted to this area last week.
- WO: .8393
- Top WATR: .8464
- Bottom WATR: .8320
- PWH: .8552
- PWL: .8374
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