Webinar: ECB, NFP Report to Carve Opening Range for Euro Crosses
- Weekly DailyFX Scalp Webinar archive covering featured setups
- Updated targets & invalidation levels
- Event Risk on Tap This Week
Notes: The 135.32 key support confluence noted last week remains in play with the 135.32-136.41 range in focus to start the week. Bearish invalidation remains at slope resistance noted in today’s webinar with a break below support targeting objectives at 133.09/56. Key event risk comes on Thursday with the ECB interest rate decision likely to fuel added volatility in euro crosses.
Notes: EURAUD broke highliughted support at 1.5830 with that region now serving as interim resistance. Near-term resistance & immeidate bearish invalidation now at that same level with the broader outlook bearish sub-1.6224 (high-day close). A break of the near-term structure targets subsequent support tarets into 1.5560, 1.5520 & the lower median-line parallel, currently around 1.5340. Keep in mind we have the RBA Interest Rate decision on tap tonight with a quarter of the daily ATR now yeilding profit targets of 65-67 pips per scalp.
Notes: The 1.5448/62 confluence support zone broke with our bearish invalidaiotn now lowered back to this region. The outlook is unchanged with a break of the lows targeting 1.5334, 1.5246 & the 100% extension at 1.5218. UK data is light this week so we’ll look for dollar price action to steer the pair heading into NFPs.
For updates on these scalps and more setups throughout the week subscribe SB TradeDesk
Relevant Data Releases
Other Setups in Play:
- EURJPY Rebound to Offer Short Entries Ahead of ECB- 137.50 Critical
- GBPUSD Low Volatility Period Ends- Reversal Scalp Faces 1.5450 Hurdle
- Scalping EURAUD Breakout- Pullback at Initial Support
- Webinar: Global Equity Rout Fuels Massive Spike in FX Volatility
- AUDNZD Free Falls into the August Open- Bearish Sub 1.1175
---Written by Michael Boutros, Currency Strategist with DailyFX
Join Michael for Live Scalping Webinars on Mondays on DailyFX at 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.