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Key EURUSD Levels to Know Ahead of the ECB, US CPI

Key EURUSD Levels to Know Ahead of the ECB, US CPI

Michael Boutros, Strategist

Talking Points

  • EURUSD testing key near-term support confluence- immediate short-bias at risk above
  • Updated targets & invalidation levels
  • Event Risk on Tap This Week

EURUSD Daily

Key EURUSD Levels to Know Ahead of the ECB, US CPI

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD testing confluence support into 1.0950- shorts at risk near-term above
  • Break below targets key support range at 1.0818/45
  • Resistance at 1.1055/65 backed by 1.1140 (monthly open)
  • Daily RSI holding above 40- constructive
  • Pending momentum resistance trigger in play
  • Event Risk Ahead: ECB tomorrow morning and U.S. Consumer Price Index (CPI) on Friday

EURUSD 30min

Key EURUSD Levels to Know Ahead of the ECB, US CPI

Notes: EURUSD is trading into confluence support ahead of tomorrow’s rate decision with the short-side at risk near-term while above this region. Interim resistance stands at 1.0985 backed by the upper MLP with a breach above 1.1055/65 needed validate a near-term reversal in the pair (bearish invalidation).

A break lower targets the monthly low at 1.0915 backed by 1.0888 and the key 1.0819/45 support zone (check daily). A quarter of the daily average true range yields profit targets of 33-35pips per scalp. Caution is warranted heading into significant event risk later this week with the ECB & US inflation data likely to fuel added volatility in dollar & euro based pairs.

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

Relevant Data Releases

Key EURUSD Levels to Know Ahead of the ECB, US CPI

Other Setups in Play:

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

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

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