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EUR/USD Scalps Target March Gap- Bullish Above 1.2890

EUR/USD Scalps Target March Gap- Bullish Above 1.2890

2013-04-08 18:37:00
Michael Boutros, Strategist
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EURUSD Daily Chart

EURUSD_Scalps_Target_March_Gap-_Bullish_Above_1.2890_body_Picture_2.png, EUR/USD Scalps Target March Gap- Bullish Above 1.2890

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

EURUSD_Scalps_Target_March_Gap-_Bullish_Above_1.2890_body_Picture_1.png, EUR/USD Scalps Target March Gap- Bullish Above 1.2890

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

Average True Range

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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