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Short EURUSD (Scalping Strategy)

Short EURUSD (Scalping Strategy)

2011-09-06 15:12:00
Michael Boutros, Technical Strategist
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I will attempt shorts on the EUR/USD pair with a rebound off 1.4160 or a break below 1.4050. An hourly ATR of 56.45 yields profit targets of 37-42 pips depending on entry. With SSI flipping to net positive with a read of 1.56 and concerns about German support waning, the single currency should remain under pressure here. The dollar also looks to gather pace after the Dow Jones FXCM Dollar Index (Ticker: USDollar) saw a breach of the key 38.2% Fibonacci level overnight. Level are noted on today’s EUR/USD Chart.

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