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EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

Michael Boutros, Strategist

EURUSD Daily Chart

Forex_EUR_GBP_to_Extend_Tumble_Gold_Decline_Eyes_Key_Support_1273_body_Picture_3.png, EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

Technical Outlook

  • Clean reversal off key resistance range between 1.3340-1.3410
  • We’ve now completed a 38.2% retracement off the advance from the 2013 low
  • Near-term scalp bias looks to sell rallies- Only break (daily close basis) above 1.33 invalidates
  • Pending RSI trigger to offer conviction with a move below 1.3160
  • Primary objective range- 1.31-1.3112
  • Secondary objective- 1.3000- 1.3030

GBPUSD Daily Chart

Forex_EUR_GBP_to_Extend_Tumble_Gold_Decline_Eyes_Key_Support_1273_body_Picture_2.png, EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Sterling turns over ahead of key resistance at 1.5765-1.5780 (bearish invalidation)
  • Looking to sell rallies into 1.5575/85
  • Primary objective range 1.54-1.5408
  • Secondary objectives 1.5265-1.5295 and 1.5180
  • Watch for RSI break sub-50 to offer further conviction- Trigger break also pending

GOLD Daily Chart

Forex_EUR_GBP_to_Extend_Tumble_Gold_Decline_Eyes_Key_Support_1273_body_Picture_1.png, EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

Technical Outlook

  • All objectives how now been achieved ($1330- $1340, $1302- $1307 and $1273-$1283)
  • Still looking for another possible low but risk now for a topside RIP begins to mount
  • Break of near-term support range risks a run on $1245- but downside likely limited
  • Bottom line- Looking for possible long entries lower down with RSI conviction

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

For updates on this scalp and more setups 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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