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Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

Michael Boutros, Strategist

Talking Points

EURUSD Weekly

Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

EURUSD Daily

Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD in consolidation above 100DMA – 1.1145-1.1294 range in focus
  • Breach targets August TL resistance ~ 1.1371 and key resistance into 1.1435
  • Support at 1.1145 backed by 1.1072 & 1.1020 (bullish invalidation)
  • Interim resistance 1.1294 backed by the August TL resistance & 1.1435
  • Weekly & Daily RSI support-triggers in view- break would be bearish
  • Key Event Risk Ahead: Eurozone Unemployment and CPI & U.S. Non-Farm Payrolls

EURUSD 30min

Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

Notes: EURUSD is trading within the confines of an ascending median-line formation with a sliding parallel off the weekly opening range low catching today’s pullback. The immediate focus remains weighted to the topside while above the monthly open at 1.1208 with resistance objectives eyed at 1.1293 & 1.1324. Subsequent resistance objectives are eyed at 1.1366 & 1.1423/35.

A break back below slope support at the figure puts us neutral with a move sub-1.1145 needed to re-assert the short-bias. Such a scenario risks a steeper decline targeting 1.1104 and the 1.1072/85 support zone. A quarter of the daily average true range (ATR) yields profit targets of 27-29 pips per scalp. Caution is warranted as we head into the latter part of the week with the U.S. Non-Farm Payroll (NFP) report likely to fuel added volatility heading into the September opening range.

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Relevant Data Releases

Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12

Other Setups in Play:

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

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