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EURUSD Scalps in Play- Looking for Reaction Around 1.2950

EURUSD Scalps in Play- Looking for Reaction Around 1.2950

Michael Boutros, Strategist

EURUSD- Long scalps were initiated off the Sunday gap open targeting 1.2920 with the rally extending into the open of US futures. It has been unable to sustain any meaningful advance since the open with 1.2940 capping the highs as of 1pm in New York. Topside risk extends into key resistance at 1.2950 with a break above this level alleviating further near-term weakness into 1.3015. No change from our assessment on Friday, "Key daily support now rests at the 1.2880 pivot level (last week's lows) with a break exposing our secondary objective at the 61.8% retracement form the November advance at 1.2840. The broader prospects for the EURUSD remain bearish below the 1.31-threshold." Levels unchanged from last week's Scalp Report.

EURUSD Daily Chart

EURUSD Scalp Chart

For updates on this setup and more follow me on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

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