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Webinar: Euro Faces May Lows- USD Outlook Murky at Three Month Highs

Webinar: Euro Faces May Lows- USD Outlook Murky at Three Month Highs

Michael Boutros, Strategist

Talking Points

EURUSD Daily

Chart Created Using FXCM Marketscope 2.0

Notes: The Euro has come into the key support range highlighted last week at the May lows / the 61.8% retracement at 1.0818/45. Note that momentum has continued to hold 40-suppoert and as such leaves the short-side vulnerable near-term while above this threshold. Resistance stands at with the upper median-line parallel / Friday’s highs around the 1.09 handle (bearish invalidation) with a break of the lows targeting objectives into 1.07 where the 76.4% retracement converges on trendline support off the yearly low.

Gold Weekly

Notes: Gold broke below critical support last week with the sell-off finding initial support at the median-line extending off the 2014 high. Broader bias remains weighted to the downside while below 1145/50 with support targets eyed at the 2010 low at 1044 and the Fibonacci confluence down at 975/80.

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Key Data Releases this Week

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

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