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Webinar: Global Equity Rout Fuels Massive Spike in FX Volatility

Webinar: Global Equity Rout Fuels Massive Spike in FX Volatility

Michael Boutros, Strategist

Talking Points


Notes:The pair has taken out both primary support objectives noted in last week’s report, with today’s massive risk sell-off charging an advance into the yearly highs before paring gains back below the monthly open at 1.1067. We’ll be watching today’s close with a break below key support into 1.0910 needed to open up the next leg lower for the pair. Subsequent support objectives eyed at 1.0851 backed by 1.0711. Key event risk on the pair comes up tomorrow with the release of the July New Zealand Trade Balance figures.


Notes: The euro rallied through the 1.1367 resistance barrier with the adavance reversing off confluence resistance at the 2.618% extension off the advance off the July low & former median-line parallel support at 1.1688. Althought the immediate topside bias is at risk below this level, trade remains constructive while above the median-line off the July low. Interim support is seen at 1.1533 with our bullish invalidation now raised to the 1.1367. We’ll be looking to inevitably buy this pullback with a breach of the highs targeting more cirital resistance at 1.1810/822 backed by the 2010 low at 11.1883.

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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.