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EURUSD Surges to Fresh Weekly High on FOMC Leak- Long Scalps Favored

EURUSD Surges to Fresh Weekly High on FOMC Leak- Long Scalps Favored

Michael Boutros,

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD responds to median-line support- constructive
  • Bias remains weighted to the topside above today’s low (1.1017)
  • Interim resistance objectives at the August high-day close 1.1153 backed by 1.1195
  • Daily RSI rebounds at 50 / former resistance trigger- bullish
  • Limited event risk into end of week

EURUSD 30min

Notes: A key median-line support confluence into 1.1017 held into the open of U.S. trade today with the a dovish tone to the FOMC minutes sparking a dollar sell-off that propelled the euro into the weekly opening range high. The broader ascending formation off the lows remains in play with our scalp bias weighted to the topside while within this formation.

Interim support rests at 1.1082 backed by 1.1053 & the lower median-line parallel (bullish invalidation). A breach of the weekly opening range high targets resistance objectives at 1.1153 & the 61.8% retracement at 1.1195. A quarter of the daily average true range (ATR) yields profit targets of 26-28pips per scalp. Bottom line: we’ll be looking to buy pullbacks / resistance triggers while within this formation with a break lower targeting more critical support at 1.0971/86.

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

Relevant Data Releases

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.