Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Near-term Setups in EURUSD & NZDUSD

Near-term Setups in EURUSD & NZDUSD

EURUSD- The ECB interest rate decision is on tap tomorrow morning and as highlighted in today’s Scalp Report, the pair is trading within the confines of a near-term ascending slope formation off last week’s lows. The focus remains higher near-term while above 1.1197 with a break below the weekly low needed to invalidate the uptrend. Into the release, I’d be looking to fade weakness into / while above structural support.


Kiwi has made an initial test of a key resistance confluence at 7481-7515. This region is defined by the 161.8% extension of the advance off the 2015 low, the 50% retracement of the July 2014 decline and basic parallel resistance extending off the June high. The long-bias is at risk near-term while below this threshold and although I haven’t operated on this setup yet, I’ll be looking for short triggers in momentum on another attempt to push through this region. Interim support rests at 7380/91 backed by 7296 & 7218 (bullish invalidation).

A breach above this region targets subsequent targets at 7697 and a key resistance confluence at 7826. Keep in mind this is a longer-term outlook and until we get a close above this region- the risk is for a pullback in price near-term.

For additional insights, including analysis of intraday, daily, weekly and monthly charts, member only webinars, Twitter updates, and specific trade plans, subscribe to SB Trade Desk (click here for more info).

Looking for more trade ideas? Review DailyFX’s 2016 3Q Projections

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

Follow Michaelon Twitter @MBForex contact him at or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.