News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Markets Week Ahead: Gold, Dow, Pound-Dollar, BoE Rate Decision, Fed Risk, PMIs Check out my recap of last week and preview of upcoming event risk, plus all the latest forecasts from the @DailyFX team below. Link to Analysis - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/06/20/Markets-Week-Ahead-Gold-Dow-Pound-Dollar-BoE-Rate-Decision-Fed-Risk-PMIs.html $GLD $DJI $GBPUSD #Trading
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/hbZPJmoOHe
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/C0i7u1dDKL
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/Q69HKBXeKH
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD https://www.dailyfx.com/forex/technical/article/special_report/2021/06/20/US-Dollar-Outlook-Key-Trend-Reversals-Playing-Out-USDCAD-AUDUSD-EURUSD-GBPUSD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/7C56bfljV4
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/Gea69MhO04
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/oPaSJLahbE
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/bFOK9RRXtv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/LIumDnHrTo
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/ITdDUGoAL0
Scalping EURNZD Correction- Bias Bullish Above 1.6154

Scalping EURNZD Correction- Bias Bullish Above 1.6154

Michael Boutros, Strategist

Talking Points

  • EURNZD correction eyes key support- 1.6154/78- bullish invalidation
  • Look for break above 1.6355 to validate shift in near-term bias
  • Event risk on tap Eurozone tomorrow (medium)

EURNZD Daily Chart

Forex_Scalping_EURNZD_Correction-_Bias_Bullish_Above_1.6154_body_Picture_2.png, Scalping EURNZD Correction- Bias Bullish Above 1.6154

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

  • EURNZD heading into major support range 1.6220, 1.6154/78(TL Support Dating 4/11/13)
  • Break targets objectives at 1.6002 & 1.5919
  • Near-term breach above 1.6350/55 shift scalp bias to the topside
  • Initial topside objectives 1.6482/97, 1.6566/75, 1.6650
  • Note the momentum signature continues to hold the October low- supportive
  • Event Risk Ahead: Eurozone CPI Tomorrow, ECB Monthly Report

EURNZD Scalp Chart

Forex_Scalping_EURNZD_Correction-_Bias_Bullish_Above_1.6154_body_Picture_1.png, Scalping EURNZD Correction- Bias Bullish Above 1.6154

Notes: The focus for this pair has been the response to near-term support at 1.6220 and while our broader view remains weighted to the topside, we cannot rule out another low to test trendline support dating back to April. Nevertheless the levels are set and in the near-term we look for a break above 1.6355 for conviction on long exposure. A break below 1.6268 puts us neutral with a move sub-1.6220 eyeing key support at 1.6155/78. Look for a breakout in the momentum signature to offer further validation our scalp bias as the oscillator continues to consolidate. Bottom line: looking to buy dips/breaks of resistance while above 1.6153.

Note that the pair has a rather healthy ATR and with the ECB monthly report on tap tomorrow, the new batch of central bank rhetoric may spark further Euro volatility. We’ll be following the progress of this trade and more in DailyFX on Demand.

* 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

Bearish Invalidation

30min

1.6349/55

38.2% Fib / 61.8% Ext / Last Weeks Lows

Break Target 1

30min

1.6393

50% Retracement

Break Target 2

30min

1.6435

61.8% Retracement

Break Target 3

30min

1.6483/97

38.2% & 78.6% Retraces / Weekly ORH

Break Target 4

Daily / 30min

1.6566/75

50% Retrace / Last Weeks High

Break Target 5

Daily / 30min

1.6600

Soft Pivot / Psychological Barrier

Break Target 6

30min

1.6650

61.8% Retracement

Break Target 7

30min

1.6705

Soft Pitvot

Support Target 1

30min

1.6298

23.6% Extension

Support Target 2

30min

1.6267

61.8% Retrace / NY Session Low

Support Target 3

Daily / 30min

1.6221

61.8 % Fib Extension

Bullish Invalidation

Daily

1.6153/78

50% Fib / 61.8% Ext / TL Sup (4/11/13)

Break Target 1

Daily / 30min

1.6002

100% Fib Extension

Break Target 2

Daily / 30min

1.5919

61.8% Retracement / November Low

Average True Range

Daily (20)

148

Profit Targets 34-37pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

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

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for a Live Scalping Webinar on Monday on DailyFX and Tuesday, Wednesday and Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES