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
More View more
Real Time News
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:
  • Latest update on #Evergrande focusing on the Australian Dollar "Australian Dollar Eyes Evergrande as USD Bondholders Still Await Interest Payments" #AUD $AUDUSD
  • 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:
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:
  • 🇯🇵 Core Inflation Rate YoY (AUG) Actual: 0.0% Expected: 0% Previous: -0.2%
EURUSD Risks Correction Into August Open- 1.3372 Key Ahead of ECB

EURUSD Risks Correction Into August Open- 1.3372 Key Ahead of ECB

Michael Boutros, Strategist

Talking Points

  • EURUSD at risk for near-term reversal heading into August open
  • Key support / July Low / August ORL at 1.3372/93
  • Major Event risk on tap this week

EURUSD Daily Chart

EURUSD Risks Correction Into August Open- 1.3372 Key Ahead of ECB

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD holding key support zone 1.3372/93- bullish invalidation
  • Breach above last week’s range highs risks near-term correction
  • Resistance 1.3448, 1.3476, 1.3518/32- bearish invalidation
  • Support-break targets objectives at 1.3323, 1.3294, 1.3205/25
  • Daily RSI resistance trigger pending- bullish
  • Event Risk Ahead- Eurozone Retail Sales tomorrow and ECB Rate Decision on Thursday

EURUSD 30min Chart

EURUSD Risks Correction Into August Open- 1.3372 Key Ahead of ECB

Notes: Since our last EURUSD update published in early July, the pair has taken out all of our scalp targets before rebounding off more significant technical support at 1.3372 (break target 4 of that report). The focus now shifts to the August open with Friday’s range taking shape between well-defined Fibonacci confluences. While we cannot rule another test of the lows here, the pair does look vulnerable for a near-term correction off this key support structure and a break/close above 1.3448 will shift our scalp bias to the topside heading into the start of August trade.

Keep in mind that the broader down-trend is still in play here and ultimately we are looking for this rally to offer more favorable short entries. Bottom line: we’ll look for a break of the weekly opening range to offer conviction on our near-term bias while noting a greater willingness to buy dips while above 1.3372. A break/close below this threshold invalidates the bias with such a scenario putting subsequent support objectives into view. A rally into 1.3518/32 begins to draw more short interest and we’ll keep our eye on the broader descending trendline off the May high.

The average true range has remained rather tight here so in light of the upcoming event risk and improved volatility expectations we’ll up the profit targets to 38.2% of the daily ATR- this puts us at about 17pips per scalp. Note that caution is warranted heading into the European Central Bank policy decision and subsequent press conference with President Mario Draghi as the events are likely to fuel added volatility on euro crosses. 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



Technical Relevance

Bearish Invalidation

Daily / 30min


78.6%Retrace / 1.618% Ext / Last Week’s ORH

Break Target 1

Daily / 30min


February Low

Break Target 2

Daily / 30min


June Close Low / 50% & 38.2% Retrace(s)

Break Target 3



7/21 Swing High / Soft Resistance

Break Target 4

Daily / 30min


61.8% Retracement / 61.8% Ext

Break Target 5



38.2% Retracement

Bullish Invalidation

Daily / 30min


50% Retrace / 61.8% Ext / August ORL

Break Target 1



Soft Support / Pivot

Break Target 2

Daily / 30min


2.618% Extension

Break Target 3

Daily / 30min


November Low

Break Target 4

Daily / 30min


61.8% Retracement / 100% Extension

Average True Range

Daily (20)


Profit Targets 17-19pips

*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 this week Tuesday – Thursday on DailyFX Plus (Exclusive of Live Clients) at 15:30 GMT (11:30ET)

Interested in learning about Fibonacci? Watch this Video

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