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.
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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 DailyFXat 12:30 GMT (8:30ET)
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.