News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.20% 🇪🇺EUR: -0.26% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.44% 🇳🇿NZD: -0.99% 🇦🇺AUD: -1.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3KGtHyMLEM
  • Fed's Rosengren says he is less optimistic against other forecasters in Fed - BBG
  • Fed Chair Powell: - Studying what caused dysfunction in Treasury market back in March - DJ via BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: -0.25% Germany 30: -0.33% FTSE 100: -0.36% Wall Street: -0.48% US 500: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0ZaXkoSq3u
  • $Gold down to that next support zone, closer and closer to fresh two-month-lows https://t.co/0ecO64jQQc https://t.co/H3eF5Wyi8P
  • Hey traders! Get your Wednesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/qJimv2rgqB
  • US Dollar Extends Rally as Global PMI Data Fans Volatility Full Analysis via @DailyFX: https://www.dailyfx.com/forex/market_alert/2020/09/23/us-dollar-extends-rally-as-global-pmi-data-fans-volatility.html $USD $DXY $EURUSD #FX #Forex #Trading https://t.co/5qBKKha4ud
  • US 154-Day Bills Draw 0.100% Primary Dealers Awarded: 63.6% Indirect Bidders Accepted: 32.3% Direct Bidders Accepted: 4.1% B/C Ratio: 3.29
  • The planned UK budget this fall is cancelled according to government official - BBG
  • Fed Chair Powell: - Would be very difficult to create a facility that reaches small businesses
EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

2015-10-14 19:56:00
Michael Boutros, Strategist
Share:

Talking Points

EURUSD Weekly

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

EURUSD Daily

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD breaches monthly / weekly opening range- rally approaching resistance
  • Key near-term resistance at the median-line / 1.1512 ( 8/25 reversal day close)
  • At risk for pullback heading into 1.15 - Support & Bullish invalidation at 1.1317
  • Breach of the highs targets 1.1614 ( August high-day close) & 1.1688
  • Daily momentum testing 60 resistance- breach keeps trade constructive
  • Key Event Risk Ahead: U.S. Consumer Price Index (CPI) tomorrow and U. of Mich. Confidence on Friday

EURUSD 30min

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

Notes: A breach of the weekly opening-range shifted the bias higher for the euro with the rally now eyeing a near-term resistance confluence at 1.1464/74. Euro has been trading within the confines of an ascending pitchfork formation off the September lows with the median-line seen just higher. This line intersects the August reversal-day close at 1.1512 into the end of the week and remains a key level of resistance for the pair.

Bottom line: looking for a stretch higher here into resistance which may offer favorable short entries targeting the lower median-line parallel. Interim support & invalidation of the immediate topside bias stands at 1.1395 backed by 1.1342 & 1.1317 (favorable long entries / broader bullish invalidation).

A quarter of the daily average true range (ATR) yields profit targets of 27-29 pips per scalp. Caution is warranted heading into U.S. inflation data tomorrow with the print likely to fuel added volatility in dollar crosses. Consensus estimates are calling for a contraction in the headline reading, but stickiness in core CPI may keep the dollar afloat as the figure is expected to hold steady at an annualized 1.8% for the fourth consecutive month in September.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES