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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
More View more
Real Time News
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • 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:
  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here:
EURUSD Scalp Setup Favors Buying Dips While Above 1.3830

EURUSD Scalp Setup Favors Buying Dips While Above 1.3830

Michael Boutros, Strategist

Talking Points

  • EURUSD breaches weekly/monthly opening range highs
  • Broader picture looking for a new high to complete 5-wave correction pattern
  • Immediate scalp bias bullish above 1.3830

EURUSD Daily Chart

Forex-EURUSD-Scalp-Setup-Favors-Buying-Dips-While-Above-1.3830_body_Picture_2.png, EURUSD Scalp Setup Favors Buying Dips While Above 1.3830

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD breaks above April opening range high / 1.3800/30 resistance- constructive
  • Holding within the confines of an ascending Andrew’s pitchfork dating 3/2013
  • Interim resistance 1.3893- Breach targets objectives at 1.3946, 1.40 & 1.4074
  • Support at 1.3830, 1.3800- bullish invalidation
  • Break targets support at 1.37 & 1.3657/63
  • Daily RSI rebound ahead of 40- bullish
  • Pending momentum trigger with breach above 60-threshold
  • Event Risk Ahead: University of Michigan Confidence Survey Tomorrow

EURUSD Scalp Chart

Forex-EURUSD-Scalp-Setup-Favors-Buying-Dips-While-Above-1.3830_body_Picture_1.png, EURUSD Scalp Setup Favors Buying Dips While Above 1.3830

Notes: An early break of the weekly and monthly opening ranges have shifted our focus to the topside on the euro with a break above the 1.3800/30 resistance range warranting long exposure. We have been targeting this key resistance zone since last year’s initial attempt back in October with the start of March trade once again highlighting this region as the monthly opening range took shape just below.

The start of April trade was very similar in that the pair was once again opening the month just below this key resistance range. A rebounded off key support at 1.37 early this week- (a level defined by the 78.6% extension off the 2014 high and Andrew’s pitchfork support)- and a subsequent breach above the monthly high / 1.3800/30 once again shifts the scalp bias to the long-side of EURUSD.

Bottom line: we’ll continue to favor long scalps while above 1.3830, with only a break below the 1.38-handle invalidating our near-term bias. Note that ongoing divergence on the intra-day chart does suggest that the pair may be a tad stretched here with the last four times the pair rallied for 4-consecutive days offering minor pullbacks before resumption of the broader trend. Our immediate focus is lower against the 1.39-handle heading into next week and we’ll look for next week’s opening range to offer further clarity on our directional bias with pullbacks likely to offer more favorable long entries. Don’t put it past this thing to make a fresh high (completing a possible 5-wave ending diagonal on the daily) before turning over. Follow the progress of this trade setup and more throughout the trading week with 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




Resistance Target 1

Daily / 30min

1.3894 – 1.3901

61.8% & 78.6% Retrace(s) / Dec High

Bearish Invalidation

Daily / 30min


100% & 78.6% Extension(s)

Break Target 1



March (2014) High

Break Target 2

Daily / 30min


Big Figure / Psychological Barrier

Break Target 3



100% Fibonacci Extension

Support Target 1



Soft Support / March 24th High

Support Target 2



61.8% Retracement

Bullish Invalidation

Daily / 30min


61.8% Retrace / 61.8% Extension

Break Target 1



38.2% Retracement

Break Target 2



Weekly ORH / Soft Support

Break Target 3



50% Retracement

Break Target 4



Weekly ORL / Monthly ORL (1.3672)

Break Target 5

Daily / 30min


61.8 Retrace / 100% Extension

Average True Range

Daily (20)


Profit Targets 18-20pips

*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 or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars Monday on DailyFX and Tuesday-Thursday on DailyFX Plus (Exclusive of Live Clients) at 12:30 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.