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
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
Oil - US Crude
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
Wall Street
Bearish
Gold
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
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • $USD | US Dollar Outlook - via @DailyFX "The US Dollar looks primed for heightened volatility this week as election risk intensifies and key themes like stimulus talks, equity earnings, and COVID-19 restrictions exacerbate uncertainty." Link to Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/10/26/usd-price-outlook-us-dollar-in-the-hot-seat-as-election-nears.html https://t.co/B6HS0ecNPD
  • There are some major economies set to update on the health through the third quarter this week. The US and Eurozone are later this week, but South Korea is due to report this morning. When was the last time you took a look at the $USDKRW? https://t.co/UQLHfonxnO
  • Heads Up:🇳🇿 Balance of Trade (SEP) due at 21:45 GMT (15min) Previous: N$-353M https://www.dailyfx.com/economic-calendar#2020-10-26
  • The Euro remains the largest long by some margin, despite investors trimmed their bullish bets yet again. While the blue wave election trades are USD negative. Get your market update from @JMcQueenFX here:https://t.co/FxzsRmXYVN https://t.co/V4n7ncl1WA
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.10% 🇳🇿NZD: -0.13% 🇬🇧GBP: -0.16% 🇨🇭CHF: -0.40% 🇪🇺EUR: -0.43% 🇨🇦CAD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/YlP6D1tUc2
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.03% Oil - US Crude: -0.08% Silver: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4D7w33mAud
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.86%, while traders in NZD/USD are at opposite extremes with 73.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/48N5RecRwt
  • RT @Nadex: Will the Dow be bullish or bearish after Nov. 3? Make your prediction today for a chance to win $5,000.* https://t.co/EXtYKMxrrW…
  • Australian #Dollar Forecast: $AUDUSD Grinds into Downtrend Resistance- #Aussie Levels - https://t.co/Y4oiWHaE6l https://t.co/GYpXhkKJIo
  • US Equity Update (Monday Close): $DJI -2.28% $SPX -1.86% $NDX -1.61% $RUT -2.15% $VIX +17.79%
EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

2015-06-02 21:33:00
Michael Boutros, Strategist
Share:

Talking Points

EUR/USD Daily

EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD breaches above ML resistance- Now tracking confluence resistance into 1.12
  • Today’s 2% rally marks 2nd largest daily advance since July 1st2010- bullish
  • Breach higher targets confluence resistance at 1.1312
  • Subsequent topside objectives at 1.1376/90 & 1.1466/74
  • Support 1.1065 backed by MLP extending off April low ~1.0920/30 (broader bullish invalidating)
  • Daily RSI reversal ahead of 40- close today above 50- constructive
  • Key Event Risk Ahead: ECB,US ADP Employment & ISM Non-Manufacturing tomorrow, Eurozone1Q GDP & Non-Farm Payrolls on Friday

EUR/USD 30min

EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

Notes:The EURUSD made a break of the weekly opening range high at 1.0992 with the breach taking out a median-line (ML) dating back to the April highs before completing a full 1.618% extension off the lows into 1.1189. Near-term resistance extends into the 1.1218 (bearish invalidation) with a breach above targeting the ML extending off yearly lows & 1.1313/23.

Interim support rests at 1.1130 with our near-term bullish invalidation level set at the highlighted region into 1.1065. A break below this mark shifts the focus back to the short-side targeting 1.0993 & the weekly lows / MLP support.

Bottom line: looking to buy pullbacks / resistance triggers while above 1.1065 with a breach above 1.1218 targeting subsequent resistance objectives. Look for more volatility heading into the close of the week with the ECB interest rate decision & U.S. Non-Farm Payrolls highlighting the economic docket.

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

Relevant Data Releases

EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065

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