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.

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
EUR/USD
Bullish
Low
High
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
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
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
Gold
Bullish
Low
High
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
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
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
  • 3 consecutive down weeks for the #SP500 as of today, the first actually in almost one year How's the #Fed balance sheet dong? Up 0.76% this week, most in a month. Though all things considered, materially unchanged since June/July Markets may be growing increasingly impatient... https://t.co/wD6wga9vsu
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/NBJ9qkaNei
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇳🇿NZD: 0.07% 🇪🇺EUR: -0.06% 🇨🇦CAD: -0.30% 🇨🇭CHF: -0.33% 🇬🇧GBP: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lYbgFKQKmu
  • USD/MXN is in danger of picking up more momentum as the recent decline takes out support levels and gains ‘negative curvature’ to its path. Get your $USDMXN technical analysis from @PaulRobinsonFX here: https://t.co/eQzD6JyA5c https://t.co/km6neTN3M6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Oil - US Crude: -0.55% Silver: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0yp0FnGl8y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in NZD/USD are at opposite extremes with 71.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fu1Xj6AuYv
  • US Equity Update (Friday Close): $DJI -0.88% $SPX -1.12% $NDX -1.30% $RUT -0.38% $VIX -2.00%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: -0.01% Wall Street: -0.01% Germany 30: -0.31% France 40: -0.39% FTSE 100: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TUiymobDKl
  • Precious Metals Update: #Gold 1950.04 (+0.29%), #Aluminum 1781.00 (-0.81%), and #Copper 6780.50 (+0.05%) [delayed]
  • RT @SadiqKhan: IMPORTANT: The PM has said that we are now seeing the start of a second wave of COVID-19 across the UK. Londoners should k…
EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias

EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias

2015-05-19 19:57:00
Michael Boutros, Strategist
Share:

Talking Points

EUR/CAD Daily

EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURCAD reversal off key resistance testing initial support confluence at 1.3582
  • Key resistance at the highlighted region – ML / 1.3756/80
  • Breach targets 1.3880-1.3930 backed by the 1.40-handle & 1.4172/72
  • Break below the monthly open at 1.3538 (bullish invalidation) targets monthly ORL
  • Daily RSI turning ahead of 60- bearish
  • Pending support-trigger in play- break would validate a larger reversal lower
  • Event Risk Ahead: Eurozone PMI on Thursday and Canadian Consumer Price Index (CPI) on Friday

.EUR/CAD 30min

EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias

Notes:The initial weekly opening range (OR) looks to have broken to the downside with a break sub-1.37 shifting the short-side into focus after tagging key resistance in yesterday in New York trade. The pullback is now testing median-line confluence support at the convergence of the MLP off the April low, the 38.2% retracement of the 2015 range and a basic 61.8% retracement of the ascent off last week’s low at 1.3571/82.

A break lower target the monthly open / TL support off the lows (red) at 1.3538 invalidates the broader topside focus with such a scenario targeting the 1.35-handle and the monthly opening range lows. Interim resistance stands at 1.3660 with breach above 1.37 putting the topside back into focus. Caution is warranted heading into Friday’s Canadian CPI print with the release likely to fuel added volatility in CAD crosses. A quarter of the daily ATR yields profit targets of 36-39pips per scalp.

* 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.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

EURCAD Pullback Stalls at Support- Sub 1.3538 to Negate Bullish Bias

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 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.

DISCLOSURES