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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

2015-08-31 19:56:00
Michael Boutros, Strategist
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Talking Points

EURJPY Daily

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

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

Webinar: ECB, NFP Report to Carve Opening Range for 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.

GBPUSD 30min

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

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.

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Relevant Data Releases

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

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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