Scalp Webinar: EURUSD Eyes Support- May Opening Range Setups in Focus
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Chart Created Using FXCM Marketscope 2.0
Notes:The Dow Jones FXCM U.S. Dollar Index (Ticker:USDOLLAR) looks to be setting a clean monthly opening range just above key near-term support into 11737. This region is defined by confluence of the February & April lows and a basic 23.6% retracement of the advance off the July low. Initial resistance stands with the trendline extending off the April highs with a breach above the monthly ORH targeting the 50% retracement / upper median-line parallel (dashed blue) at 11951. That said, the risk remains weighted to the short-side while within this formation with a break of the lows targeting 11664 & the TL confluence currently at ~11600. Note the pending support & support triggers in momentum with a break alongside the monthly OR to offer further conviction on our near-term directional bias for the greenback.
Notes: EURUSD has also setup an impressive monthly opening range between the median-lines extending off the yearly low. Key near-term support is seen at 1.1095 with a break sub-1.1065 targeting 1.0955 & the 61.8% retracement / MLP support into 1.0852. That said, immediate short-side exposure is at risk while above the highlighted support region and we’ll look for a rally to sell with the broader short-scalp bias in play while below Friday’s high (near-term bearish invalidation). Key resistance stands at 1.1474 backed by 1.1532. (Check video for near-term scalp targets).
* 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:
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- Scalp Webinar: USD Risks Fresh Lows Ahead of Slowing GDP, FOMC
- GBPJPY Breakout Eyes 181- Long Scalps Favored Above 179
---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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