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Webinar: ECB, NFP Report to Carve Opening Range for Euro Crosses

Webinar: ECB, NFP Report to Carve Opening Range for Euro Crosses

Michael Boutros,

Talking Points

EURJPY Daily

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.

EURAUD 30min

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.

GBPUSD 30min

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:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on 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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