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
More View more
EURUSD Technicals Back in Focus- February Opening Range Setup

EURUSD Technicals Back in Focus- February Opening Range Setup

Michael Boutros, Strategist

Talking Points

  • EURUSD monthly opening range in focus
  • Weekly opening range takes shape above near-term support
  • Key Event Risk on Tap

EURUSD Weekly

EURUSD Technicals Back in Focus- February Opening Range Setup

EUR/USD Daily

EURUSD Technicals Back in Focus- February Opening Range Setup

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD initial monthly opening range remains intact 1.1270-1.1532(highlighted region)
  • Break to validate medium-term bias / next leg-
  • Range extremes represent bullish/bearish invalidation
  • Support-break targets the 2015 LDC at 1.1223/36, the 1.12-handle & 1.1095
  • Resistance breach targets 1.1650 & 1.1742
  • Note pending daily RSI resistance trigger
  • Event Risk Ahead: German Unemployment & US CPI on Thursday and US 4Q GDP on Friday

EUR/USD 60min

EURUSD Technicals Back in Focus- February Opening Range Setup

Notes: The weekly opening range is taking shape just above key near-term support & the monthly ORL low at 1.1263/86(bullish invalidation).Shorts are at risk above this region with a break above the upper MLP (blue) shifting the focus higher into the monthly ORH & key resistance at 1.1532/41 (broader bearish invalidation).

Bottom line: looking higher while above 1.1263 near-term with a break above the upper MLP / weekly opening range high targeting objectives at 1.1430, 1.1491 & the February high at 1.1532/41. A break below the bullish invalidation zone puts the shorts back in control targeting 1.1223/36, 1.1185/99, the hourly reversal close at 1.1140 & the yearly lows at 1.1096. A quarter of the daily ATR yields profit targets of 26-29 pips per scalp. Caution is warranted heading into event risk later this week with German Unemployment & US CPI on tap on Thursday, followed by the second revision on US 4Q GDP on Friday.

* 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.

Relevant Data Releases

EURUSD Technicals Back in Focus- February Opening Range Setup

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 Live Scalping Webinars on Mondays on DailyFXat 13:30 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.

DISCLOSURES