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

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

Michael Boutros, Strategist

Talking Points

  • EURUSD posts 2% rally into initial resistance zone
  • Updated targets & invalidation levels heading into ECB / June trade
  • Event Riskon TapThisWeek

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

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