Never miss a story from Michael Boutros

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

EUR/USD Weekly Price Chart

EUR/USD Weekly Price Chart

We’ve been tracking this long-term slope in EUR/USD for months now with the break below 1.1605 shifting our focus lower in Euro. Yesterday we highlighted near-term down-trend support heading into the 1.13-handle with our focus on an exhaustion low in price.

Price registered a low at 1.1301 before reversing sharply- note that this region is defined by the confluence of former trendline resistance extending off the late-2015 swing high (red) and operative 50-line of the ascending pitchfork formation (blue). IF price is going to get a near-term recovery, this would be a good place to look- willing to play the long-side for now. Intraday trading levels remain unchanged from this week’s EUR/USD Scalp Report.

Learn the traits of a successful trader in our Free eBook!

USD/JPY Daily Price Chart

USD/JPY Daily Price Chart

In this week’s Scalp report on the Japanese Yen, we highlighted bearish invalidation at 111.37 with our outlook weighted to the downside in the pair. Price registered a high at 111.43 before reversing sharply yesterday with USD/JPY breaking back below the weekly open in early US trade.

Bearish invalidation now lowered to 111.07 with our focus still on a drive in to a critical support confluence at, “109.80/91 where the 100 & 200-day moving averages converge on the 38.2% retracement of the March advance and pitchfork support”. Look for a reaction there - intraday trading levels remain unchanged from this week’s USD/JPY Scalp Report.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Find yourself getting trigger shy or missing opportunities? Learn how to build Confidence in Your Trading

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at