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Euro to Face OMT Hearing- Short Scalps Favored Below 1.3340

Euro to Face OMT Hearing- Short Scalps Favored Below 1.3340

2013-06-10 20:10:00
Michael Boutros, Strategist
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EURUSD Daily Chart

Forex_Euro_to_Face_OMT_Hearing-_Short_Scalps_Favored_Below_1.3340_body_Picture_2.png, Euro to Face OMT Hearing- Short Scalps Favored Below 1.3340

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Euro has now achieved the 100% Fibonacci extension taken from the April rally (1.3293)
  • Key Resistance Range 1.3290- 1.3340 -Broader bias remains bearish below this mark
  • Topside breach risks run on 1.35 (78.6% Retracement) and 1.36 (1.618 Extension)
  • Momentum remains weighted to the topside and as such, we cannot rule out another test of the highs
  • Interim support 1.3185- Key Support 1.3100- 1.3112
  • Neatly formed ascending channel formation off April Lows- channel resistance now in key target range
  • Scalps look cautiously higher, medium-term corrections to be sold below 1.3340
  • Key Events Ahead- Germany’s constitutional court holds two-day hearing on the OMT program

EURUSD Scalp Chart

Forex_Euro_to_Face_OMT_Hearing-_Short_Scalps_Favored_Below_1.3340_body_Picture_1.png, Euro to Face OMT Hearing- Short Scalps Favored Below 1.3340

Scalp Notes: Bottom Line: Although our longer-term bias remains weighted to the downside, the pair may continue to correct higher in the near-term, offering nimble long-scalps on breaks of resistance and favorable medium-term short entries higher. Intra-day RSI does look constructive since the Sunday open, but as we come into this key technical resistance threshold we may see momentum turn over and offer clear triggers to downside scalps. The break below 1.3185 should get this going, but look out for a possible reaction at key support 1.31- 1.3112 with a break here offering further conviction on our broader directional bias.

*We will remain flexible with our bias with a break above 1.3340 eyeing subsequent resistance targets. It’s extremely important 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. Use this app to distinguish the various trade sessions.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Resistance Target 1

Daily / 30min

1.3293- 1.3305

100% Fib Ext / June High

Bearish Invalidation

Daily

1.3340

61.8% Fib Retracement

Break Target 1

30min

1.3400

Soft Resistance / Pivot / Big Figure

Break Target 2

Daily

1.3450

200-DMA

Break Target 3

30min

1.3503

78.6% Retracement

Break Target 4

Daily

1.3600

1.618% Fib Extension

Support Target 1

Daily / 30min

1.3185

23.6% Retracement / 78.6% Ext

Support Target 2

30min

1.3150

Soft Support / Pivot

Bullish Invalidation

Daily / 30min

1.31- 1.3112

3-Way Fib Confluence

Break Target 1

30min

1.3050

50% Retracement / Pivot

Break Target 2

30min

1.3020

Soft Support / Pivot

Break Target 3

30min

1.2985-1.2990

38.2% Ext / 61.8% Retracement

Break Target 4

30min

1.2945

Soft Support / Pivot

Break Target 5

30min

1.2913

23.6% Fib Retracement

Average True Range

Daily

115

Profit Targets 26-28pips

For updates on this scalp and more setups follow him on Twitter @MBForex

Reviews today’s Scalp Webinar for further insights and current trade setups

---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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