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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • OECD Chief Economist Boone says we think Chinese fiscal and monetary authorities have the capacity to buffer the shock from Evergrande (3333 HK)
  • Ethereum (ETH/USD) - Heavily oversold CCI - see prior CCI/price re-action - and a bullish hammer candle forming - will need confirmation. #Ethereum #eth #candlesticks @DailyFXTeam https://t.co/rfTZE76Dm3
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sr63f https://t.co/erYA8KfqEo
  • Coming up at half past. Please join me if you can. I'll be looking at the charts of all the major markets, checking out the confidence reports on the calendar this week and the IG client sentiment data https://t.co/fMUUMsgwGr
  • OPEC+ compliance with oil cuts rises to 116% in August - two sources #OOTT
  • Join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/CX9djlpMya https://t.co/mgkbDgiM0Y
  • 🇸🇪 Riksbank Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇮🇩 Interest Rate Decision Actual: 3.5% Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇮🇩 Interest Rate Decision due at 07:30 GMT (15min) Actual: 3.5% Expected: 3.5% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/n0xLwKxKyb
Near-term Setups in EUR/USD, Bitcoin & Ethereum

Near-term Setups in EUR/USD, Bitcoin & Ethereum

Michael Boutros, Strategist

Here's an update on the setup's I’m tracking into the start of the week. Find a detailed, in-depth review of both these setups and more in today’s Strategy Webinar.

EUR/USD Daily Chart

EUR/USD Price Chart- Daily Timeframe

Last week I noted that the ‘battle lines’ were drawn for the Euro as the pair set a clear monthly opening range just below long-term slope resistance. Heading into FOMC the focus will be on a break of this between 1.1850 & the yearly high-day close at 2035. From a trading standpoint, I’ll favor selling strength within this range with a break below the median-line needed to suggest a more significant near-term top is in play. Ultimately I’d be looking for long-entries near- 1.1680 – 1.17.

New to Forex? Get started with our Free Trading Guide!

BTC/USD Daily Chart

BTC/USD Price Chart- Daily Timeframe

We warned of a deeper correction in Bitcoin prices last week with the subsequent drop probing just below the 3023/33 confluence support zone before rebounding sharply. The subsequent rally is now approaching the underside of the median-line as resistance. Look for a reaction here with a close above 4213 needed to validate resumption of the broader uptrend targeting the upper parallel ~4600. From a trading standpoint look for a pullback here but prices should stabilize above the reversal day close at 3700 if we’re heading higher. Things are about to get interesting here.

Join Michael this Friday for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

BTC/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long Bitcoin (BTCUSD) - the ratio stands at +1.8 (64.2% of traders are long)- bearish reading
  • Long positions are 1.8% lower than yesterday and 11.5% lower from last week
  • Short positions are 23.9% higher than yesterday and 20.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin (USD) prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin (USD) price trend may continue higher despite the fact traders remain net-long.

See how shifts in retail positioning are impacting trend.Learn how Sentiment can help your trading in this free guide!

ETHUSD:A similar scenario is playing out in Ethereum prices, which probed even deeper below support last week before recovering. The levels remain unchanged from last week’s update with key near-term support raised to 259.

Check out this week’s DailyFX Webinar Schedule

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

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES