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.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/DoVBd1l1oO
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/k4tVcFuwxW #CommoditieswithDailyFX https://t.co/zXCSmH2HLX
  • Markets are trying to maintain a bullish tilt as a new week rolls around, a look ahead at the charts of the #Dow, #DAX, and #FTSE. Get your technical analysis on major world indices from @PaulRobinsonFX here: https://t.co/bYjRDvQsdM https://t.co/mbg0rUbv3K
  • Trade conflict is clearly awful for the broad world economy, but some countries are already benefiting from it. More stand to do so. Spotting them early could be profitable. Get your update on the #tradewar from @DavidCottleFX here: https://t.co/og0VAPAqwm https://t.co/xB8hYUj4OA
  • #Gold prices may suffer if better-than-expected US economic data and progress on US-China trade negotiations cool 2020 Fed rate cuts and alleviate demand for anti-fiat hedges. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/3ula2sUpqL $gld https://t.co/2iZwxcm3wP
  • What's the difference between leading and lagging indicators? Find out from @RichardSnowFX here:https://t.co/vGx8HCagF5 https://t.co/KCZ48rDnhy
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/tTXcw1b7Tp
  • RT @dlacalle_IA: ... “Temporary” Fed plans to double repo market intervention to avoid cash crunch https://t.co/j6N3Qmo6HX
  • RT @HeathaT: The @USTradeRep "fact sheet" on the US-China deal is pretty light on details, but if you're looking for something written down…
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/1H5UASpHb7
Near-term Setups in EUR/USD and USD/JPY

Near-term Setups in EUR/USD and USD/JPY

2018-08-17 12:44:00
Michael Boutros, Technical Strategist
Share:

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 mboutros@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.