EURUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- The breach above the 1.2880 threshold last week marks the euro correction we have been waiting for
- Further topside advances remain as long the 1.29 support barrier is respected (near-confluence of the monthly pivot & 200-day moving average) on a daily close basis.
- Note daily RSI has recently broken above 50 and leaves more upside for a tag of the 60-threshold
- Key Resistance Range 1.3060/70 (3/18 gap) – Breach eyes objectives at 1.3113 and 1.3227.
- Key Support 1.2890- Break targets 1.2750 and 1.2680
EURUSD Scalp Chart
Scalp Notes: Break below confluence at 1.2970 risks a run on key support at 1.289- Looking to buy weakness above this mark. Note that the R1 monthly pivot rests at 1.3040 and may offer some pushback before we continue higher.
*We will remain flexible with our bias with a break below 1.2890 eyeing subsequent support targets. It’s extremely important in these market conditions to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.
Key Threshold Grid: EURUSD
|
Entry/Exit Targets |
Timeframe |
Level |
Significance |
|
Resistance Target 1 |
30min |
1.3035 |
50% Extension |
|
Resistance Target 2 |
Daily |
1.3060/70 |
61.8% / 38.2% Retrace |
|
Topside Limit |
30min |
1.3113 |
38.2% Retracement |
|
Break Target 1 |
30min |
1.3160 |
Soft Res/ Pivot/ Sept High |
|
Break Target 2 |
30min |
1.3200 |
Big Figure |
|
Break Target 3 |
Daily |
1.3227 |
50% Retracement |
|
Break Target 4 |
Daily |
1.3278 |
R2 Monthly Pivot |
|
Break Target 5 |
Daily |
1.3340 |
61.8% Retracement |
|
Support Target 1 |
30min |
1.2970 |
23.6% Retrce/61.8% Ext |
|
Support Target 2 |
30min |
1.2926 |
38.2% Retracement |
|
Bullish Invalidation |
30min |
1.2890 |
50%$ Retracement |
|
Break Target 1 |
30min |
1.2855 |
61.8% Retracement |
|
Break Target 2 |
30min |
1.2830 |
Soft Support |
|
Break Target 3 |
30min |
1.2805 |
78.6% Retracement |
|
Daily |
107 |
Profit Targets 25-27pips |
|
For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him 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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