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Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

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Chart Created Using FXCM Marketscope 2.0

Notes: The Sunday open gaped into confluence resistance at 11969 with the pullback now testing former key resistance turned support at 11924/35. The gap has now been filled and we’ll look for a break of this range early in the week for further clarity on our near-term directional bias.


Notes: Sterling is responding to trendline support extending off the yearly lows with the rally now taking the pair back above the yearly open at 1.5574. Our medium-term focus is higher in the pair while above 1.5470 (bullish invalidation) with a breach above Friday’s high needed to shift the focus higher. Such a scenario targets resistance objectives at 1.54774 & the key 1.5877-1.5940 barrier. Note that we’ll want to see 50-hold support here in daily momentum.

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Key Data Releases this Week

Other Setups in Play:

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.