News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
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, Strategist

Talking Points

EURUSD Daily

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

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

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

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

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

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

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES