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Flat- Pending Scalp Setups on EURUSD & GBPUSD

Flat- Pending Scalp Setups on EURUSD & GBPUSD

Michael Boutros, Strategist

I’m currently on the sidelines but watching key scalp setups on the EURUSD and the GBPUSD. The euro now faces critical Resistance at the confluence of the 61.8% Fibonacci extension taken from the October 4th and January 13th troughs, former channel support and the 100-day moving average at the 1.33-handle. Expect this level to hold for now amid quiet trading conditions as US markets are closed in observance of Presidents day. The Sterling also saw a test of soft daily support at 1.5880 with the exchange rate holding an extremely tight range between 1.5880 and 1.5850.

EURUSD Daily Chart

EURUSD Scalp Chart

GBPUSD Daily Chart

GBPUSD Scalp Chart

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