Webinar: Scalps Favor Dollar Correction- EUR/USD Eyes FOMC Highs
- Weekly DailyFX Scalp Webinar Archive covering featured setups
- Updated targets & invalidation levels ahead of key US data this week
- Event Risk on Tap NextWeek
Chart Created Using FXCM Marketscope 2.0
Notes: We start off the week with the Dow Jones FXCM US Dollar Index (Ticker: USDOLLAR) checking key slope support off the July lows. Bullish invalidation remains with the 11,854/80 support barrier with a break below risking substantial losses for the greenback targeting the February lows. Interim resistance stands at the July median line (blue) with the bearish invalidation level eyed at the high-day close at 12,127. Headline event risk this week starts tomorrow with US Consumer Price Index (CPI) and continue into Friday with final read on 4Q GDP.
Notes:We highlighted this setup last week with the pair now challenging key near-term support at the confluence of former TL resistance & the lower median-line parallel extending off the yearly low (blue). Interim resistance stands with the weekly opening range high at 120.15/18.
Notes:Pending support/resistance triggers in intraday RSI have us looking for a break of the weekly opening range which looks to be defined by 119.50-120.19 so far. Shorts above 119.50 are at risk here (bullish invalidation) with a break below opening up targets at 119.27 & 118.93. Note that the lower MLP off the December low (blue) is on focus with ongoing divergence into the lows risking a rebound off this mark. A breach of the OR high targets more significant resistance at 120.47/55.
* 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
Other Setups in Play:
- Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus
- GBPCAD at Support- Scalps Target 1.8785 Ahead of Key Data
- Scalp Webinar: USD, GBP Crosses in Focus Ahead of FOMC
- Scalping the GBPJPY Reversal- 180.30 Support Key
- GBPNZD Long Scalps at Risk Sub 2.0850- Reversal Play?
---Written by Michael Boutros, Currency Strategist with DailyFX
For updates on this scalp and more setups follow him on Twitter @MBForex
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