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EUR Short Scalps Booked- Updated Targets Ahead of EU Summit

EUR Short Scalps Booked- Updated Targets Ahead of EU Summit

2013-06-26 19:36:00
Michael Boutros, Strategist
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EURUSD Daily Chart

Forex_EUR_Short_Scalps_Booked-_Updated_Targets_Ahead_of_EU_Summit_body_Picture_2.png, EUR Short Scalps Booked- Updated Targets Ahead of EU Summit

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD Primary and Secondary objectives have now been achieved (1.31-1.3112 & 1.30- 1.3030)
  • Short exposure closed here ahead of EU event risk tomorrow
  • RSI now testing the 40-threshold- Trigger Break to offer conviction with move below 1.30
  • Near-term bias bearish below 1.31
  • Break (daily close basis) below 1.30 targets medium-term objectives at 1.2877-1.2888
  • Key Events Ahead: German Unemployment, Eurozone Economic Confidence and the EU Summit

EURUSD Scalp Chart

Forex_EUR_Short_Scalps_Booked-_Updated_Targets_Ahead_of_EU_Summit_body_Picture_1.png, EUR Short Scalps Booked- Updated Targets Ahead of EU Summit

Scalp Notes: Bottom Line: Although our longer-term bias remains weighted to the downside, this key support barrier may offer near-term scalps into resistance levels. With that said, we will be flat heading into tomorrow data batch out of Europe with price action likely to offer further clarity on an intra-day directional bias. Note that the pair has been trading within the confines of a loosely formed descending channel formation off the June highs with a pending RSI trigger suggesting a topside correction may be at hand as we head into the close of the week. Although our technical bearish invalidation is at 1.31- 1.3112- a topside break out of this formation with RSI conviction may warrant long scalps towards the 1.31-figure in the near-term with medium-term traders likely to use this rally for more favorable short entries.

* 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.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Resistance Target 1

Daily / 30min

1.3030

61.8% Retracement (May Advance)

Resistance Target 2

Daily / 30min

1.3060/70

Soft Support / 100 & 200DMAs

Bearish Invalidation

Daily / 30min

1.31- 1.3112

38.2%, 50%, 61.8% Fib Confluence

Break Target 1

30min

1.3150

Soft Resistance / Pivot

Break Target 2

Daily / 30min

1.3179

38.2% Retracement (May Advance)

Break Target 3

Daily / 30min

1.3200

Big Figure

Break Target 4

30min

1.3226

50% Retracement (Feb Decline)

Bullish Invalidation

Daily / 30min

1.2985- 1.3000

61.8% Fib Ext / 38.2% Retrace

Break Target 1

30min

1.2945/55

Soft Support / Pivot

Break Target 2

30min

1.2913

23.6% Fibonacci Extension

Break Target 3

30min

1.2885

Soft Support / Pivot

Break Target 4

30min

1.2850

Soft Support / Pivot

Average True Range

Daily

103

Profit Targets 23-25pips

Other Scalp Setups in Play- USDCAD Tags Key Resistance- Scalps Look Lower Sub 1.0540

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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